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news.Swedish biotechnology and medical device company Q-Med and South Korea-based pharmaceuticals company Medy-Tox have together decided to terminate the collaboration that the parties entered into during 2007.
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The collaboration comprised the development and commercialization of new products based on botulium toxin and potential for Q-Med to distribute Medy-Tox’s existing botulinum toxin type A product.
The parties have both signed a separation agreement, amongst other things, where they agree to a financial settlement which entails Medy-Tox repaying the majority of the loan that Q-Med has given the company up until now.
The parties’ original agreement included Q-Med giving Medy-Tox a loan of up to $3 million for the adaptation of facilities and manufacturing processes, and paying up to $8 million on condition that certain commercial objectives were achieved.
Q-Med still aims to continue work on the development and commercialization of products within the botulinum toxin area.