Adventrx grants Shin Poong rights to ANX-514 in South Korea

The USA's Adventrx Pharmaceuticals has granted Shin Poong Pharmaceutical exclusive rights in South Korea to make, use and sell  ANX-514 (docetaxel emulsion), one of its two lead product candidates.  Under the terms of the deal, Adventrx will receive an upfront cash  payment of $300,000 and up to about $2.0 million in regulatory and  commercial milestones and royalties on net sales of licensed products.  Shin Poong is responsible for all development and commercial activities  related to ANX-514 in South Korea. The agent is a reformulation of  Sanofi-Aventis' blockbuster chemotherapeutic agent, Taxotere, which is  used to treat breast, non-small cell lung, prostate, head and neck and  gastric cancers. In 2007, Taxotere's aggregate worldwide market was in  excess of $3.0 billion.