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Spectrum Pharmaceuticals, Inc. has acquired all the patent rights associated with Renazorb(TM) and Renalan(TM) from Altair Nanotechnologies, Inc., a manufacturer of nanomaterials and nano-based products. Spectrum Pharmaceuticals is a biotechnology company focused on Oncology. Both the companies are based in the US.
This agreement amends and restates an existing, limited licensing agreement between Spectrum and Altair, for Renazorb(TM) and Renalan(TM) compound. Spectrum will now have exclusive worldwide rights to Renazorb(TM), Renalan(TM), and any related compounds in any field of use.
Under terms of the agreement, Altair would receive $0.75 million in Spectrum restricted common stock. In addition to the royalty and other payments, Altair was to receive under the prior license agreement. Altair would now receive 10% of any fees Spectrum may receive from the sub-licensing of Renazorb(TM), Renalan(TM), and any related compounds.
Update on June 7, 2006:
Altair announced it would receive 0.1 million shares of Spectrum stock for a milestone payment and an additional 0.04 million shares for product development improvements, with a total approximate value of $0.55 million, following a mutually agreed upon resolution to arbitration proceedings involving the two companies. Altair and Spectrum would continue efforts to move the RenaZorb product technology to market quickly.
Announcement (January 31, 2005):
Spectrum has acquired worldwide exclusive rights to RenaZorb (two second-generation lanthanum-based phosphate binding agents) from Altair. These novel non-aluminum, non-calcium phosphate binders which utilize Altair' proprietary lanthanum nanomaterial technology have the potential to treat hyperphosphatemia, in patients with end-stage renal disease and chronic kidney disease.
Under the terms of the agreement, Spectrum acquired an exclusive worldwide license to develop and commercialize RenaZorb(TM) for all human therapeutic and diagnostic uses. In return, Spectrum would pay to Altair an upfront payment of 0.1 million shares of restricted Spectrum common stock and would make an equity investment of $0.2 million for 38,314 shares of Altair common stock. In addition, Altair would be eligible to receive payments upon achievement of a clinical development and certain regulatory and sales milestones, in addition to royalties on potential net sales.
About Spectrum Pharmaceuticals
Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI), is a biopharmaceutical company that acquires, develops and commercializes a diversified portfolio of oncology and other drug candidates that meet critical health challenges for which there are few other treatment options. The Company’s pipeline includes promising early and late-stage drug candidates with unique formulations and mechanisms of action that address the needs of seriously ill patients, such as at-home chemotherapy and new treatment regimens for refractory disease.
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Spectrum Pharmaceuticals, Inc.
157 Technology Drive
Irvine, CA 92618
Phone: (949) 788-6700
Fax: (949) 788-6706
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