Concert Pharmaceuticals Achieves $2 Million Milestone for AVP-786 Under Avanir Pharmaceuticals Collaboration

Concert Pharmaceuticals, Inc. has achieved a $2 million milestone under its development and licence agreement with Avanir Pharmaceuticals, Inc. for the clinical progression of AVP-786. The milestone is a result of Avanir initiating dosing in a Phase II clinical trial with AVP-786 for the adjunctive treatment of major depressive disorder.

“We are very pleased by Avanir’s progress with AVP-786’s clinical development, resulting in a second development milestone to Concert from this program,” said Roger Tung, PhD, President and CEO of Concert Pharmaceuticals.

The agreement provides Avanir with worldwide rights to develop and commercialise AVP-786 and other deuterium-modified dextromethorphan (d-DM) compounds. The licensed compounds are believed to have potential for the treatment of neurological and psychiatric disorders. Under the agreement, Concert is eligible to receive additional milestone payments based upon achievement of certain predefined clinical, regulatory and commercial targets.  Avanir will continue to have overall responsibility for research, development and commercialisation of d-DM compounds, including AVP-786, and Concert is eligible to receive tiered royalties on worldwide sales of any products containing d-DM. The milestone announced today is the second development milestone Concert has earned under the agreement.