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Advanced Magnetics Settles with Cytogen Corp.
Health Care |
2007/02/19 12:41
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CAMBRIDGE, Mass., Feb. 15 -- Advanced Magnetics, Inc. (NASDAQ:AMAG) today announced that it has settled its lawsuit with Cytogen Corporation. Both parties have agreed to dismiss the lawsuit and drop all claims against each other. Under the terms of the settlement agreement, Advanced Magnetics and Cytogen agreed to terminate both the license and marketing agreement and the supply agreement between the parties, effective immediately.
With the termination of its agreements with Cytogen, Advanced Magnetics has re-acquired the United States marketing rights to Combidex(R), Advanced Magnetics' investigational functional molecular imaging agent for use in conjunction with magnetic resonance imaging to aid in the differentiation of cancerous from normal lymph nodes, as well as the United States marketing rights to ferumoxytol for oncology imaging applications. Under the terms of the settlement agreement, Advanced Magnetics will pay Cytogen a lump sum payment of $4 million in cash and release to Cytogen the 50,000 shares of Cytogen common stock currently being held in escrow under the terms of the original license and marketing agreement.
"We are very pleased to have reached an amicable settlement with Cytogen and to have re-acquired the U.S. marketing rights to Combidex," stated Brian J.G. Pereira, Chief Executive Officer and President of Advanced Magnetics. "We look forward to advancing our development programs for both ferumoxytol as an intravenous iron replacement therapeutic and Combidex as an imaging agent in the months ahead."
Ferumoxytol, the company's key product candidate, is in Phase III multi- center clinical trials for use as an iron replacement therapeutic in chronic kidney disease patients, whether or not on dialysis.
Combidex, the company's other product under development, is an investigational functional molecular imaging agent consisting of iron oxide nanoparticles for use in conjunction with magnetic resonance imaging to aid in the differentiation of cancerous from normal lymph nodes.
About Advanced Magnetics
Advanced Magnetics, Inc. is a developer of superparamagnetic iron oxide nanoparticles used in pharmaceutical products. As a leader in our field, we are dedicated to the development and commercialization of our proprietary nanoparticle technology for use in therapeutic iron compounds to treat anemia, as well as novel imaging agents to aid in the diagnosis of cancer and cardiovascular disease. For more information about us, please visit our website at http://www.advancedmagnetics.com/, the content of which is not part of this press release. |
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