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Biotech / Medical : Vion (formerly Oncorx) interesting play on Gene Therapy
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To: Jim Oravetz who wrote (166)12/6/1999 12:53:00 PM
From: Jim Oravetz  Read Replies (2) of 370
 
NEW HAVEN, Conn. -- Boehringer Ingelheim International GmbH unit and Vion Pharmaceuticals Inc. restructured their exclusive worldwide license agreement to develop and market Vion's hypoxic cancer cell therapy, Promycin.
Promycin is currently in clinical development for the treatment of head and neck cancer.
Vion Pharmaceuticals said Boehringer Ingelheim will assume full managerial and financial responsibility for the development of Promycin.
Vion will receive reduced milestone and royalty payments on all future sales.
Under terms of the previous agreement, Vion Pharmaceuticals and Boehringer Ingelheim were to share all clinical costs associated with the worldwide development and commercialization of Promycin.
Vion's share of Promycin development costs were expected to be about $3 million to $4 million a year for the next 2 to 3 years, while Vion's share of pre-marketing costs in 2002 and 2003 were expected to be about $10 million a year.
The restructured agreement allows Vion to immediately reallocate its Promycin development costs and all of its manpower and capital resources to fund the development of its other cancer therapies, Tapet and Triapine.
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