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news.Cortex Pharmaceuticals has signed an agreement with Biovail Laboratories International, a wholly-owned subsidiary of Valeant Pharmaceuticals International, to regain Ampakine assets and rights related to respiratory depression.
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As per the new agreement, Cortex will make an upfront payment to Biovail of $200,000, and potential future payments of up to $15.15m based on the achievement of certain development and NDA submission and approval milestones.
Biovail is also eligible to receive additional payments based on Cortex’s net sales of an intravenous dosage form of the compounds for respiratory depression up to a maximum of $15.
Cortex president and CEO Mark Varney said they are pleased that both companies were able to reach an agreement for the return of all Ampakine assets and intellectual property sold early last year to Biovail.