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Up .03 in early trading. I've owned this one for a long time and have swung it many times....it runs pretty good on news.
Alliance Pharmaceutical Corp. And Beijing Double-Crane Pharmaceutical Co., Ltd. Announce a Development, License and Supply Agreement for Oxygent(TM) in The People's Republic Of China 08:01 a.m. 05/16/2005 Provided by PR Newswire
SAN DIEGO, May 16, 2005 /PRNewswire-FirstCall via COMTEX/ -- Alliance Pharmaceutical Corp.("Alliance")(OTC Bulletin Board: ALLP), through its subsidiary PFC Therapeutics, LLC, and Beijing Double-Crane Pharmaceutical Co., Ltd. ("Double-Crane") today announced that they have entered into a Development, License and Supply Agreement ("Agreement") for the development of Oxygent(TM) in The People's Republic of China ("PRC").
Pursuant to the Agreement, Double-Crane will make an upfront license fee payment and certain milestone and royalty payments to Alliance. Double-Crane will conduct clinical trials in the PRC, in accordance with international guidelines, to receive marketing approval for Oxygent in the PRC. Alliance will have the right to use any data derived from the clinical trials in other countries. Double-Crane will have the option to manufacture Oxygent in the PRC after obtaining approval from the regulatory authorities in the PRC and they will also have a right of first refusal to add specific additional countries to the Agreement upon further negotiation with Alliance.
"Over the past year, we have worked closely with the Double-Crane professionals as well as experts from the leading hospitals in China to develop a plan for advancing the clinical development of Oxygent," said Duane Roth, Alliance Chairman and CEO. "We are very pleased to partner with such a great team that has extensive experience in clinical development, manufacturing and marketing of products that are synergistic to Oxygent."
"We are pleased to become Alliance's development partner for Oxygent in China," said Xin Li, President Double-Crane. "We have great respect for the high quality work that the Alliance development team has achieved over the past decade. We will try all our best to work together to complete the clinical testing necessary to obtain market approval."
Yu Zhang, Vice Chairman Double-Crane, who is in charge of this project, also adds, "During the past year's cooperation with Alliance team, we are glad to find that they are sincere, precise and hard-workers. After much discussion, we respect their more than 10 years of research and recognize the potential of Oxygent."
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