09:44 AM EST, 12/23/2024 (MT Newswires) -- NeuroSense Therapeutics ( NRSN ) said Monday it has signed a binding term sheet with an unnamed pharmaceutical company to further develop PrimeC as potential treatment for amyotrophic lateral sclerosis in some key markets.

NeuroSense said it would keep full rights to PrimeC in other key territories.

The term sheet includes a "substantial" upfront payment" and funding for a phase 3 study as well as milestone payments and royalties on annual net sales, NeuroSense said.

A definitive agreement is expected to be finalized in Q1 2025, the company added.

NeuroSense's shares were down more than 16% in early trading Monday.

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