Chemex Pharmaceuticals Inc. deal

The Fort Lee, N.J., company exercised its option to sell for $2.5 million its share of rights to Amlexanox, a treatment for aphthous ulcers (canker sores), to Block Drug Co. Inc. The payment represents a non-refundable prepaid royalty to CHMX. Block may advance $250,000 against this amount prior to approval of the deal by CHMX shareholders, due to CHMX's cash position. CHMX had $680,000 in cash as of March 31. ...