(RTTNews) - 60 Degrees Pharmaceuticals, Inc. (SXTP), which develops treatment for vector-borne disease, announced that it has entered into an exclusive option agreement with the Florida State University Research Foundation (FSURF) covering intellectual property related to the development of Castanospermine for multiple tick-borne diseases.
The agreement gives 60 Degrees Pharma an exclusive option to negotiate an exclusive U.S. license for the patented technology and know-how.
Specifically, the option agreement expands collaboration with Florida State University to evaluate Castanospermine for Powassan virus disease, tick-borne encephalitis, alpha-gal syndrome, and post-treatment Lyme disease
Castanospermine is a naturally occurring iminosugar found in Australian chestnut (Castanospermum australe). In the preclinical studies, the compound has demonstrated broad antiviral and immunomodulatory activity.
Human safety experience includes clinical trials with Celgosivir, a pro-drug that converts almost completely to Castanospermine after oral administration.
"This agreement reflects our belief that Castanospermine may have its greatest long-term value as the basis for innovative prescription medicines addressing important unmet needs in tick-borne diseases," said Geoff Dow, Chief Executive Officer of 60 Degrees Pharma.
Notably, the company recently engaged with the U.S. Food and Drug Administration to discuss its new dietary ingredient notification for use of Australian Chestnut Extract in a dietary supplement.
The company is evaluating multiple regulatory pathways for Castanospermine while prioritising prescription drug development.
In 2018, 60 Degrees Pharma achieved U.S. Food and Drug Administration approval of its lead product, ARAKODA (tafenoquine), for malaria prevention.
SXTP has traded between $1.22 and $10.77 over the last year. The stock closed Wednesday's trade at $1.55, down 4.32%.
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