Benzinga | Jun 17, 2021 01:55PM EDT

Processa Pharmaceuticals In-Licenses Ocuphire's Anticancer Agent

* Processa Pharmaceuticals Inc (NASDAQ:PCSA) has entered into a licensing agreement with Ocuphire Pharma Inc (NASDAQ:OCUP) to in-license RX-3117.

* RX-3117 is an oral anticancer agent with an improved pharmacological profile relative to gemcitabine and other nucleoside analogs.

* Rx-3117 has a family of patents extending into 2036 and FDA Orphan Designation to treat Pancreatic Cancer.

* Processa will evaluate the potential benefit of RX-3117 for patients with such cancers as pancreatic or non-small cell lung cancer.

* Under the terms of the agreement, Processa has an exclusive worldwide license (excluding China) to develop, manufacture, use, commercialize and sublicense RX-3117.

* Processa will be developing biomarker assays to identify those patients who will most likely benefit from this targeted therapy.

* The First Phase 2b trial to assess the correlation of the biomarker measurements with the clinical benefit-risk of RX-3117 will start in 2022.

* Price Action: OCUP shares are down 3.3% at $4.84, and PCSA shares are down 0.3% at $6.45 during the market session on the last check Thursday.