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news.Celtic Pharma has successfully closed its acquisition of the exclusive worldwide rights to Neurobiological Technologies' Xerecept, a phase III clinical compound for the treatment for peritumoral brain edema.
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At closing, Neurobiological Technologies Inc (NTI) received $20 million and will receive an additional $13 million, payable in installments through January 2007. Celtic Pharma and NTI will collaborate on the ongoing clinical development of the drug in the US.
The closing of the transaction, which was originally announced on September 20, 2005, follows the receipt of certain third-party consents and the satisfaction of other closing conditions.
“The Celtic Pharma team is delighted to close its first US transaction,” commented Stephen Evans-Freke, a managing principal of Celtic Pharma. “We look forward to working with the NTI team to bring this exciting product through its final stages of clinical and regulatory development in the US, Europe and Japan.”