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Biotech / Medical : Oscient Pharmaceuticals Corp. (OSCI) -- Ignore unavailable to you. Want to Upgrade?

To: OldAIMGuy who wrote (1147)	12/29/2006 10:30:51 AM
From: tuck	Read Replies (1) \| Respond to of 1154

>>Oscient Pharmaceuticals Amends FACTIVE License Agreement with LG Life Sciences Friday December 29, 9:00 am ET -- Amendment expands territories covered to include more than 40 European countries -- WALTHAM, Mass.--(BUSINESS WIRE)--Oscient Pharmaceuticals Corporation (Nasdaq: OSCI - News) has amended its license and option agreement with LG Life Sciences, Ltd. for the Company's antibiotic product, FACTIVE® (gemifloxacin mesylate) tablets. The amendment adds several European countries to the license agreement so that all of the current members of the European Union are included. In addition, the amendment restructures the economic terms relating to sales of FACTIVE in Europe, including a reduction in royalty rates on future sales to enable maximum investment in the brand through a potential European partnership. "As part of our strategic plan to build FACTIVE into a global brand, we have amended our license agreement with our partners at LG Life Sciences related to the European territories," stated Steven M. Rauscher, President and Chief Executive Officer of Oscient Pharmaceuticals. "One of Oscient's corporate development goals for FACTIVE is identifying a partner for the commercialization of FACTIVE in Europe; we are pleased that LG Life Sciences shares our vision for the product." The amended license now covers more than 40 countries in Europe, including all of the members of the European Union. The antibiotic market in Europe is estimated at $5 billion, with the four largest markets for antibiotics, France, Germany, Italy and Spain, all covered in the amended license. Oscient and LG Life Sciences previously amended the FACTIVE licensing agreement in the U.S., Canada and Mexico. Subsequently, in 2006, Oscient forged partnerships for the commercialization of the drug in Mexico and Canada. Pfizer, S.A. de C.V. has launched FACTIVE in Mexico and Abbott Canada is planning to launch FACTIVE in Canada early next year. FACTIVE is not currently approved for use in Europe.<< snip Taking the stock off of an extended downtrend to the tune of 30%. Cheers, Tuck