Allelix Keeps R&D Budget Healthy
Canada's Allelix Biopharmaceuticals Inc has managed to keep its research and development budget high, despite reporting losses. The company has said it expects to double its research spending to $20 million, and claims that it has enough cash coming in.
This is as a result of the many agreements it has reached with major and small drug companies (Marketletters passim). The last one announced was with Eli Lilly for C$15 million ($10.6 million), and others have included deals with Hoechst-Roussel (worth a total C$53 million on new schizophrenia drugs), Fournier, Cryosan, Enzon and Mitsui.
Seeking Osteoporosis Partner Glaxo, however, pulled out of its arrangement with Allelix on the development of the osteoporosis treatment ALX-11, and the Canadian firm is looking for a new partner to continue this project. Allelix will continue the development of ALX-11 because it foresees a huge potential market for the product.
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