Schwarz Pharma Pays $8m Milestone To NeoRx
- NeoRx has received an $8 million milestone payment from Schwarz Pharmaafter satisfactory review of the Phase I data on its Biostent product (Marketletter May 12). $4 million is in the form of equity. The cash infusion allows NeoRx to progress to Phase II trials of the combination drug/device, designed to prevent restenosis after angioplasty. Schwarz licensed marketing rights to the product in North America and Europe in April.
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