Carna Biosciences, Inc. and Sumitomo Dainippon Pharma Co., Ltd. have signed an agreement on joint research with the aim of discovering novel kinase inhibitors for psychiatric and neurological disorders, as well as on the subsequent development and commercialization of such therapeutic agent(s).

Under the agreement, the two companies will commence joint research with a view toward discovering novel kinase inhibitors indicated for psychiatric and neurological disorders by combining accumulated Carna Biosciences's know-how on kinase inhibitor discovery with Sumitomo Dainippon Pharma's know-how on drug discovery research in the area of neuroscience.

Sumitomo Dainippon Pharma will retain exclusive worldwide rights to the clinical development and marketing of any kinase inhibitors that may be discovered through the joint research and that Sumitomo Dainippon Pharma decides to commercialize for all therapeutic areas except oncology.

The two companies expect that this joint research project will allow them to deliver innovative drugs in the area of psychiatry and neurology, where unmet medical needs are high. Pursuant to the Agreement, Sumitomo Dainippon Pharma will provide up to ￥80 million to Carna Biosciences with an upfront payment and milestone payments in each research phase.