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news.US biopharmaceutical company Critical Therapeutics has reportedly entered into an agreement with CyDex to develop an injectable version of its Zileuton treatment for asthma.
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The license and supply agreement, which came into effect on March 16, 2007, will see the companies collaborate on the development and marketing of injectable Zileuton, Reuters said.
While CyDex has global and exclusive authorization to develop and market the treatment in combination with, or formulated by its branded Captisol drug enablement technology, Critical Therapeutics has global and non-exclusive license to the scientific data relating to the technology, the publication revealed.
Critical Therapeutics is reported to have paid CyDex an initial license fee of $50,000 and has agreed to give the company total payments of up to $2.9 million.
According to Reuters, the news caused Critical Therapeutics shares to rise 3% in morning trade on the Nasdaq, to $2.40.