Solvay Pharmaceuticals announces obesity treatment advance

Solvay Pharmaceuticals has announced that its SLV319 candidate treatment for obesity has begun a phase IIB study. The decision to move towards further phase II clinical trials followed a decision by the joint development committee for the compound.

As a result of the commencement of this study, Solvay received a milestone payment of $25 million (12.7 million pounds) from Bristol-Myers Squibb.

This payment will be accounted for in the company’s fourth quarter and full-year financial figures, though, being equal to the company’s increase in marketing and research and development costs, forecast results stay approximately the same.

The treatment is part of an innovative group known as CB1 antagonists that block the cannabinoid type one receptor.

“Clinical and preclinical studies involving this class of drug have shown that blocking the cannabinoid type one receptor results in reduced food intake,” the company reported.

In May, Solvay signed an agreement with Bristol-Myers Squibb for the development of Solvay’s SLV319 compound, then in phase I development for the treatment of metabolic disorders, including obesity.

Under the terms of the agreement, Solvay received a signing fee of $10 million, with further payments to occur in the event of developmental and regulatory progress.