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news.Gene Logic has agreed to seek alternative indications for Abbott's discontinued drug candidates which have successfully passed phase I human clinical trials. Financial details were not disclosed.
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The agreement provides for Gene Logic to receive success-based milestone payments for each drug candidate Abbott returns to clinical development. In addition, Gene Logic will receive royalties for each candidate that becomes a marketed drug.
The agreement also provides Gene Logic the option to receive an exclusive license to any drug candidate that Abbott chooses not to pursue, in which case Abbott will receive success-based milestone and royalty payments.
Charles Dimmler III, Gene Logic CEO and president, said: “Our program is designed to provide a comprehensive picture of the drug candidates’ biological activities and determine if there are new therapeutic uses for these potential medicines.”