Step two: Cel­gene grabs a $20M op­tion, plots MS PhII for Abide’s cannabi­noid drug

San Diego-based Abide Ther­a­peu­tics is build­ing on about 5,000 years of hu­man his­to­ry re­gard­ing the med­i­c­i­nal as­pects of cannabis. The biotech be­lieves that its drug, ABX-1431, can fol­low that path­way to a new ap­proach on neu­ro­log­i­cal dis­eases like mul­ti­ple scle­ro­sis. And now Cel­gene is buy­ing in­to that strat­e­gy, hand­ing over $20 mil­lion to pick up an op­tion on the drug and em­bark on a mid-stage de­vel­op­ment pro­gram.

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