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[jas2mel]

Biovail acquires AMPAKINE compounds for treatment of respiratory depression
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7:00 AM ET 3/26/10 | Briefing.com
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Co announces its subsidiary, Biovail Laboratories International, has acquired certain AMPAKINE compounds, including associated intellectual property, from Cortex Pharmaceuticals, for use in the field of respiratory depression, a brain-mediated breathing disorder. The acquired compounds include the Phase 2 compound CX717, the preclinical compounds CX1763 and CX1942, and the injectable dosage form of CX1739. As part of the acquisition transaction, BLS has also entered into a field limited license agreement with The Regents of the University of California. Under the terms of the asset purchase agreement, BLS has paid an upfront fee of $9 million, expects to pay an additional $1 million upon the completion of a transition period, and could pay up to $15 million in potential milestones contingent on the successful demonstration of the utility of an intravenous formulation of CX717 in treating respiratory depression, the successful completion of a Phase 3 clinical program using an AMPAKINE compound and approval from the FDA. BLS may also owe certain development milestones and/or low single-digit royalties on net sales to third parties.