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Cara Therapeutics Achieves Milestone Payments From Japan and South Korea Partners for Development of CR845 in Uremic Pruritus

  • $2.5M Milestones Earned for Advancement of CR845 in Phase 2 Clinical Trials in U.S. and Japan

SHELTON, Conn., Oct. 13, 2015 (GLOBE NEWSWIRE) -- Cara Therapeutics, Inc. (CARA), a biotechnology company focused on developing and commercializing new chemical entities designed to alleviate pain and pruritus by selectively targeting kappa opioid receptors, today announced that it has earned a total of $2.5 million in milestone payments under its development and licensing agreements with Maruishi Pharmaceutical Company, Ltd. of Japan and Chong Kun Dang (CKD) Pharmaceutical Corp. of South Korea.

"We are very pleased with the rapid progress that the Maruishi team has made in moving into Phase 2 studies with I.V. CR845 in uremic pruritus," said Derek Chalmers, Ph.D., D.Sc., President and Chief Executive Officer of Cara Therapeutics. "We look forward to working with both Maruishi and CKD as we continue to progress the clinical development of I.V. CR845 for this significant unmet medical need for dialysis patients globally."

About the License Agreements

Cara and Maruishi entered into a license agreement in April 2013. Under the terms of the agreement, Maruishi has exclusive rights to develop, manufacture and commercialize CR845 for acute pain and uremic pruritus in Japan. Cara received an up-front payment, including an equity investment, in the aggregate amount of $23 million and is eligible to receive further milestone payments related to predefined clinical and regulatory events in Japan and the U.S., as well as royalties on Japanese sales of any marketed products containing CR845.

A $2 million milestone payment to Cara was earned in September...