Kentucky-based virtual reality (VR)-based mental health startup BehaVR has entered into a definitive agreement with Japanese pharmaceutical company Sumitomo Dainippon Pharma to jointly develop and commercialize three novel prescription digital therapeutics and general wellness products. The partnership is an extension of a previous one entered in June 2020.
The partnership will focus on treating social anxiety disorder, generalized anxiety disorder, and major depressive disorder by leveraging BehaVR’s design and development capabilities and Sumitomo’s expertise in prescription therapeutics for central nervous system (CNS) diseases. The pair also aims to obtain Software as a Medical Device (SaMD) classification and US Food and Drug Administration (FDA) approval for the products.
As per the agreement, BehaVR will receive USD 5 million upfront payment, USD 18 million for R&D support and development milestones, and an additional USD 140 million as contingent milestone payments. It will also be eligible for royalties on global sales of the products.
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