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S-1
VITAE PHARMACEUTICALS, INC filed this Form S-1 on 08/12/2014
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high potency topical corticosteroid, the current standard of care. We anticipate completing the necessary preclinical studies and filing an IND for VTP-38543 by the second half of 2015, with Phase 1 clinical trials commencing thereafter.

        In addition to our existing product candidates, our team of scientists is currently utilizing Contour in our new discovery program in immuno-oncology for stimulating the immune system to attack the cancer cells.

Our Collaborations

        We currently have two collaborations with BI relating to VTP-34072 for the treatment of type 2 diabetes and VTP-37948 for the treatment of Alzheimer's.

11b HSD1 (VTP-34072)

        We entered into a research collaboration and license agreement with BI under which the companies agreed to combine their respective 11b HSD1 drug discovery programs and to give BI the exclusive right to identify, develop and commercialize compounds for treating patients with type 2 diabetes, which is sometimes called adult onset or non-insulin dependent diabetes, and certain related metabolic disease conditions, such as dyslipidemia, obesity and hypertension. As of June 30, 2014, we have received $74.2 million from BI related to the 11b HSD1 agreement, including a $15 million equity investment, $22.2 million in upfront license fees and research funding and $37 million in success-based development milestone payments. In addition, we are eligible to receive up to $278.0 million in additional milestone payments based on the first product to achieve certain pre-specified events, including up to $153.0 million in development and regulatory milestone payments and up to $125.0 million in commercialization milestone payments, as well as additional milestone payments for certain other products that achieve them. We are also eligible to receive tiered royalty payments from BI, ranging from the upper single digits up to the low double digits percentages, based on the net sales of potential future products. We have the option to participate in funding the Phase 3 clinical trials in exchange for increased royalties. We are be eligible to receive a $6.0 million milestone payment upon the first patient dosed in the Phase 2 clinical trial which commenced in July 2014.

BACE (VTP-37948)

        We entered into a second research collaboration and license agreement with BI which allows them to exclusively identify, develop and commercialize BACE inhibitors for the treatment of certain indications, including Alzheimer's. As of June 30, 2014, we have received $78.2 million from BI related to BACE, including a $15 million equity investment, $34.2 in upfront fees and research funding and $29 million in success-based development milestone payments. In addition, we are eligible to receive up to $326.0 million in additional milestone payments based on the first product to achieve certain pre-specified events, including up to $176.0 million in development and regulatory milestone payments and up to $150.0 million in commercialization milestone payments, as well as additional milestone payments for certain other products that achieve them. We are also eligible to receive tiered royalty payments from BI, ranging from the upper single digits up to the low double digits percentages, based on the net sales of potential future products. We have the option to participate in funding the Phase 3 clinical trials in exchange for increased royalties.

Our Strategy

        Our goal is to leverage our leadership in structure-based drug discovery to deliver first- or best-in-class small molecule compounds to patients in disease indications that represent large market opportunities where there are significant unmet medical needs.

 

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