Baltimore Business Journal - December 15, 2008
http://baltimore.bizjournals.com/baltimore/stories/2008/12/15/daily1.html
Monday, December 15, 2008 - 1:18 PM EST
Celsion Corp., Yakult Honsha Co. to partner on cancer drug in Japan
Baltimore Business Journal - by Sue Schultz Staff
Celsion Corp. has inked a $20.5 million licensing deal to commercialize a cancer drug in Japan.
Under the agreement — unveiled Monday with Tokyo-based
Yakult Honsha Co., Ltd. — Celsion would get $2.5 million upfront and an additional $18 million when the drug is approved by the
Japanese Ministry of Health, Labor and Welfare. The Japanese company would also be responsible for clinical trials of the drug in Japan.
The drug, ThermoDox, developed by the Columbia-based biotech to treat cancer, is in Phase III clinical trials in the U.S. for liver cancer and in Phase II trials for recurrent chest wall breast cancer.
“This achievement is an example of the commitment of our two companies to a long-term, mutually rewarding relationship,” said Celsion CEO Michael H. Tardugno in a statement Monday. “It is also an example of Celsion delivering on its stated goal of licensing ThermoDox to pharmaceutical partners with the expertise and capabilities essential to market success.”
Celsion (NASDAQ: CLN) posted a third-quarter loss in November of $4.3 million.
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