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news.Callisto Pharmaceuticals has restructured its license agreement with Genzyme for Atiprimod, the company's lead drug in the clinic to treat advanced carcinoid cancer.
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The restructured agreement eliminates all milestone payments and reduces royalties owed to Genzyme to single digits. In return for the reduced future payments to Genzyme, Callisto is paying an upfront fee in 2008.
Gabriele Cerrone, chairman of Callisto, said: “This restructured licensing agreement significantly improves the potential economic upside value for Atiprimod and puts us in a stronger position to further develop and commercialize the product.”