Alseres cuts Cethrin payouts to BioAxone
Massachusetts, USA-based Alseres Pharmaceuticals has exercised an option in its agreement with Canadian firm BioAxone Therapeutic to lower milestone payments and royalties for its Cethrin (recombinant protein-based inhibitor of Rho signaling) candidate, for the treatment of acute spinal cord injury.
After a $7.0-million payment on or before October 27, pre-commercial milestones will be reduced from $25.0 million to $7.0 million payable by December 31, 2009. Also, sales-based royalties will be reduced from 10%-12% to 4% for spinal cord injury and 1% for all other indications, and all development milestones will be eliminated.
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