WATERTOWN, Mass.--(BW HealthWire)--Nov. 26, 2001--OXiGENE, Inc. (NASDAQ, SSE: OXGN), The Vascular Targeting Company, today announced it has signed an agreement to out-license, on a non-exclusive basis, its benzamide technology platform to Active Biotech AB (SSE: ACTI B) for all indications except for the use of the benzamide compound declopramide.
In 1999 Active Biotech (Active) and OXiGENE entered into a joint research arrangement investigating OXiGENE's benzamide technology platform. The outcome of this research has been the development by Active of a number of novel benzamide analogues within its small molecule research program. The new agreement grants Active the right to further develop and commercialize these positive leads for all indications. Active will bear all costs associated with these development and commercialization efforts and Active will share with OXiGENE any milestone and royalty payments resulting from its benzamide program.
``We have made the decision to focus OXiGENE's research and development efforts exclusively on our vascular targeting agent technology platform,'' said Bjorn Nordenvall, M.D., Ph.D., OXiGENE's chief executive officer. ``In more than two years of research of the benzamides, Active has not only developed a great deal of expertise but have also demonstrated the potential for these compounds in a number of disease areas. We are pleased that Active will continue the development of the benzamide technology platform. We are continuing to pursue opportunities to out-license declopramide for the treatment of cancer and inflammatory bowel disease.''
``OXiGENE's benzamide technology platform complements our key competence within autoimmune and inflammatory diseases, where Active Biotech has a research and development program that shows rapid progress,'' said Tomas Leanderson, Active's Vice President of Research & Development. This agreement significantly reinforces our patent position in the area.`` ... |
