27th Oct 2014 09:04
LONDON (Alliance News) - Vernalis PLC Monday said US-based CTI BioPharma Corp has replaced UK venture capital-backed Chroma Therapeutics as worldwide licensee of its tosedostat product.
In a statement, Vernalis said Chroma no longer retains any ongoing rights or financial interest in tosedostat. CTI previously held rights to tosedostat in the Americas under a licence agreement with Chroma.
"The financial terms of the Licence Agreement with CTI, which are the same as those in the prior agreement with Chroma, provide for Vernalis to receive tiered single digit percentage royalties," it said.
Tosedostat is in Phase II studies to treat acute myeloid leukemia and myelodysplastic syndromes.
Vernalis shares were untraded early Monday. The stock last traded at 50.75 pence.
By Steve McGrath; [email protected]; @stevemcgrath1
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