Chemex Pharmaceuticals Inc. deal

CHMX and Block Drug Co. dissolved their June 1991 joint venture to develop and market dermatology products. Since CHMX is looking for a merger partner, CHMX CFO Len Stigliano said, it was better for the Fort Lee, N.J., company to have assets that are wholly owned.

Under the new agreement, Amlexanox, the joint venture's canker sore drug, will be owned 50/50, with CHMX responsible for the NDA, on-going research and product registration in foreign markets. Block will manufacture and market the product. ...