The molecule was discovered through Prometheus' proprietary precision medicine platform, Prometheus 360, and is currently in preclinical development. Pr600 is a cell-signaling molecule targeting a receptor of the tumor-necrosis factor superfamily for the treatment of IBD.

Under the agreement, the companies will share responsibility for the development of Pr600. Falk will contribute 25% of the associated costs and its companion diagnostic from preclinical through commercialization. Falk will exclusively commercialize Pr600 in Europe, Australia, and New Zealand, and Prometheus will be eligible to receive royalties on those sales. Prometheus will retain the rights to commercialize the product in the U.S. and the rest of the world.

Prometheus will receive an undisclosed initial upfront payment and is eligible to receive milestone payments within the first year of clinical development. The company anticipates filing an application for an investigational new drug with the U.S. Food and Drug Administration by the end of 2022.