CytRx, Medeva deal

CYTR's Vaxcel Inc. subsidiary signed an option agreement under which Medeva will evaluate the use of Vaxcel's Optivax Vaccine Delivery System in combination with a Medeva viral antigen in both preclinical and Phase I trials.

Vaxcel (Atlanta) received an undisclosed cash payment and will receive milestones. Medeva will fund product development. If Phase I trials are successful, the London company has the right to negotiate a co-exclusive license to develop and market the Optivax System in a specific disease field. ...