Albany Molecular Research, Inc. (AMRI)

[surf1944]

8:03AM Albany Molecular signs exclusive option to license its tubulin inhibitor program for cancer (AMRI) 2.70 : Co announces it has signed an exclusive option to enter a license agreement with Bessor Pharma for the development of ALB 109564a, co's novel tubulin inhibitor compound in late Phase I testing for the treatment of cancer. Co will receive an undisclosed option fee and reimbursement for certain costs associated with the intellectual property related to ALB 109564(a). The option period is approximately eight months, during which time Bessor Pharma will conduct further due diligence, engage in the required fund raising and coordinate with AMRI a technology transfer and advanced development plan. Upon exercising the option, Bessor Pharma will receive an exclusive license to the ALB 109564(a) intellectual property, and be solely responsible for all related research and development and patent costs. AMRI will receive royalties on sales of any ALB 109564(a)-related drug that is commercialized, in addition to the potential to earn additional revenue as the manufacturer of the drug itself. In the event that the option is not exercised, all rights to ALB 109564(a) will revert to AMRI.