ARTICLE | Company News

MediGene, Astellas sales and marketing update

July 26, 2010 7:00 AM UTC

MediGene sold partner Astellas full European marketing rights to Eligard leuprolide for €25 million ($32.3 million). MediGene also is eligible for single-digit royalties. MediGene had European rights to the prostate cancer drug under a 2001 deal with Atrix Laboratories Inc., which was subsequently acquired by QLT Inc. (TSX:QLT; NASDAQ:QLTI, Vancouver, B.C.). In 2009, QLT divested Eligard to Tolmar Inc. (Fort Collins, Colo.). The deal terminates MediGene's obligations to Tolmar.

MediGene says the deal provides the company with non-dilutive financing while allowing it to continue to receive some revenue from the luteinizing hormone-releasing hormone (LHRH) agonist. At March 31, MediGene had €8.2 million ($10.6 million) in cash and a three-month net loss of €2.3 million ($3 million). ...