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Licensing agreement in China for their Oxygent blood substitute. Currently up 10% at .165, in January when news came out about this same drug being licensed in Europe it shot up to .37.
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Alliance Pharmaceutical Corp. and Beijing Double-Crane Pharmaceutical Co., Ltd. Announce a Memorandum of Understanding Concerning the Development, Licensing and Marketing of Oxygent(tm) in The People's Republic of China 7:52 p.m. 04/05/2005 Provided by PR Newswire
SAN DIEGO, April 5, 2005 /PRNewswire-FirstCall via COMTEX/ -- Alliance Pharmaceutical Corp. ("Alliance") (ALLP), through its subsidiary PFC Therapeutics, LLC, and Beijing Double-Crane Pharmaceutical Co., Ltd. ("Double-Crane"), today announced that they have entered into a Memorandum of Understanding ("MOU") for the development of Oxygent(tm) in The People's Republic of China ("PRC"). Pursuant to the MOU, the parties intend to negotiate a final license agreement whereby Double-Crane will be granted the right to develop and commercialize Oxygent in the PRC. The parties contemplate that Double-Crane will make an upfront license fee payment and will be obligated to make milestone and royalty payments to Alliance under certain circumstances. In addition, Double-Crane will be responsible for conducting clinical trials in the PRC necessary to receive marketing approval for Oxygent and that Alliance will have the right to use any data derived from these clinical trials in other territories. Alliance and Double-Crane have also agreed to discuss the possibility of manufacturing Oxygent in the PRC for distribution worldwide. The parties have agreed to negotiate exclusively with one another in good faith for the purpose of entering into a definitive license agreement with respect to the subject matter of the MOU by May 15, 2005.
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