On July 1, 2020 Sprint Bioscience AB (publ) reported that Petra Pharma, in accordance with the opportunities provided by the parties’ licensing agreements, has transferred the licensing agreement and the resulting collaboration project PIP4K2 to the newly formed company Ravenna Pharmaceuticals, Inc (Press release, Sprint Bioscience, JUL 1, 2020, View Source [SID1234561609]). Ravenna Pharmaceuticals thus assumes responsibility for the continued development and financial commitments to Sprint Bioscience. The project aims to develop a new type of drug for leukemia.

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Sprint Bioscience is eligible for up to $ 240 million in interim payments plus royalties on the sale of potential drugs generated within the scope of the project. To date, USD 5 million has been received. A drug candidate has been nominated and the next interim payment occurs when the first patient is dosed in a clinical trial.

"The transfer of the PIP4K2 project to Ravenna Pharmaceuticals does not affect Sprint Bioscience’s rights to future interim and royalty payments, and the newly started company has the same obligations as Petra Pharma to drive the project forward. We look forward to following the continued development of this urgent project, which is based on a whole new approach to the treatment of leukemia, "says Sprint Bioscience CEO Jessica Martinsson.

Ravenna Pharmaceuticals was founded by the same ownership group that was involved in Petra Pharma, including global pharmaceutical companies such as Eli Lilly, AbbVie, Johnson & Johnson and Pfizer.