| May
10, 2007--Gene
Logic Inc. has entered into an agreement with Abbott to
seek additional development paths for multiple Abbott drug
candidates. All of these drug candidates have successfully
passed Phase I human clinical trials.
The
agreement provides for Gene Logic to receive success-based
milestone payments for each drug candidate Abbott returns
to clinical development. In addition, Gene Logic will
receive royalties for each candidate that becomes a
marketed drug. The agreement also provides Gene Logic the
option to receive an exclusive license to any drug
candidate that Abbott chooses not to pursue, in which case
Abbott will receive success-based milestone and royalty
payments. Although financial terms were not disclosed, the
agreement is similar in nature to Gene Logic's other major
pharmaceutical company alliances.
For
more, see company
press release. |
