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Biotech / Medical : Zonagen (zona) - good buy?
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To: Linda Kaplan who wrote (5167)8/10/1998 3:09:00 PM
From: S. maltophilia  Read Replies (2) of 7041
 
Don't know my reading skills can help. I seem to have missed the news release on this item<g>:

In December 1993, the Company entered into an agreement with Schering AG (a
pharmaceutical company based in Germany that is not affiliated with Schering-
Plough), pursuant to which the Company and Schering AG agreed to jointly
research, develop and test zona pellucida-based human contraceptive vaccines.
Under the agreement, the Company was required to bear all costs of the
development of all such products until the Company had developed a "lead
compound" that met certain specified standards for use in clinical trials. The
agreement required Schering AG to make payments to the Company upon certain
research and development milestones, none of which had been achieved, and to
bear all costs of the development of the vaccine after formulation of a lead
compound. Schering AG was required to purchase $2.5 million of Common Stock on
or before June 9, 1998 to retain its rights under the agreement beyond such
date. Schering AG did not purchase the shares of the Company's Common Stock
required to maintain its rights under the agreement; accordingly, the agreement
terminated on June 9, 1998. As a result of this termination, Schering AG and
the Company have no further obligations under the agreement, and all product
rights under the agreement have reverted to the Company.
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