VION up 25%, raising its market cap to $65m+.
<<NEW HAVEN, Conn. (Dow Jones)--Vion Pharmaceuticals Inc. has entered into a license agreement with Beijing Pason Pharmaceuticals, Inc. related to Vion's Triapine drug.
In a press release, the company said granted Beijing Pason the exclusive rights to develop, manufacture and market Triapine for anticancer and antiviral uses in China, Taiwan, Hong Kong and Macao. It said the agreement requires final approval from various government agencies in China.
The terms of the agreement include an initial payment of $500,000 on receipt of required approvals, $4.75 million in additional milestone payments, and royalty payments of 11% of any Triapine revenues in this territory. Pason will fund the preclinical and clinical development necessary for regulatory approval of Triapine in this area.
According to Chinese health officials, there are 1 million people infected with human immunodeficiency virus (HIV), 20 million chronic hepatitis B patents and 4.5 million cancer patients. As well, 2 million new cancer patients are diagnosed every year.>> |
