Chemex Pharmaceuticals Inc., Block Drug Co. Inc. deal

CHMX's shareholders approved the previously announced sale of Amlexanox, a canker sore treatment, to Block Drug (see BioCentury June 12).

If the product achieves over-the-counter status, CHMX will receive a 2.5 percent royalty on sales in excess of $45 million in countries with a valid patent, and 1.25 percent if there is no patent. ...