Cerecor Sells Rights of Opioid Receptor to Janssen

Cerecor (NASDAQ:CERC) sold its rights of CERC-501 to Janssen Pharmaceuticals.
As quoted in the press release:

For initial gross proceeds of $25 million, of which $3.75 million was deposited into a 12-month escrow to secure future indemnification obligations to Janssen, as well as a potential future $20 million regulatory milestone payment.
CERC-501 is a potent and selective oral kappa opioid receptor antagonist that Cerecor has been developing as an adjunctive treatment of major depressive disorder (“MDD”) and for substance use disorders. CERC-501 has been observed to have activity in animal models of depression, substance withdrawal and dependence, and has been generally well-tolerated in five human clinical trials.

Click here to read the full press release.

Source: www.marketwired.com