Vion Gets Initial Payment From Beijing Pason License Pact
DOW JONES NEWSWIRES
NEW HAVEN, Conn. -- Vion Pharmaceuticals Inc. (VION) received the initial payment of $500,000 from Beijing Pason Pharmaceuticals Inc. related to the license agreement for Vion's Triapine drug.
Under the agreement announced on Oct. 21, Pason obtained exclusive rights to develop, manufacture and market Triapine for anticancer and antiviral uses in the mainland China, Taiwan, Hong Kong and Macao.
Beside this initial payment, Vion will also get $4.75 million in additional milestone payments, and royalty payments of 11% of any Triapine revenues in this area.
Dr. Sen Liu, chief executive officer of Pason, said the company plans to initiate clinical trials of Triapine for the treatment of cancer in the first half of 2004, and expects to extend preclinical testing of Triapine for antiviral uses and conduct additional preclinical studies of an oral formulation in the same year.
Vion Pharmaceuticals is a biopharmaceutical company developing novel agents for the treatment of cancer, while Pason focuses on the development of anti-cancer and anti-HBV drugs.
Vion shares recently traded on Nasdaq at $1.88, up 8 cents, or 4.4%, on volume of 385,025 shares. Average daily volume is 1.09 million shares.
Company Web Site: http"//www.vionpharm.com; pason-pharm.com |
