CVTX - CV Therapeutics, Inc. Message Board

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Biotech / Medical : CVTX - CV Therapeutics, Inc.

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To: mopgcw who wrote (262)	6/25/2006 2:06:29 PM
From: dr.praveen	Read Replies (1) of 411

CV, PTC Sign Development Agreement Monday June 12, 3:18 pm ET CV Therapeutics, PTC Therapeutics Sign Development Agreement for Up to 5 Drugs SOUTH PLAINFIELD, N.J. (AP) -- Biotech drug developer PTC Therapeutics Inc. said Monday it will receive $10 million in cash and loans from CV Therapeutics Inc. for an exclusive option to enter into one or more exclusive licenses to develop therapies. The agreement calls for an upfront payment of $2 million cash and two loans totaling $8 million for CV to have the option to commercialize products on a target-by-target basis using PTC's gene expression modulation by small molecules technology. One of the loans will be forgivable as long as the agreement remains in effect, while the other one can be converted into PTC equity. In all, five targets will be chosen, including one to help raise HDL, or "good," cholesterol. PTC said that if all five options are exercised and products are approved, possible milestone payments could total $335 million. The company will be entitled to royalties on any products CV sells resulting from the agreement. Shares of CV fell 67 cents, or 4.5 percent, to $14.26 in afternoon trading on the Nasdaq.

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