Argus Pharmaceuticals Inc., Genzyme deal

The companies will collaborate to develop ARGS' Tretinoin, a lipid-based intravenous form of tretinoin, for anti-cancer therapy. Initial indications are myelogenous leukemias, for which the drug has orphan designation.

GENZ took a $5 million equity position, which represents 9 percent ownership, said ARGS, which prior to the deal had 6.7 million shares outstanding. The agreement includes a potential additional $5 million equity investment and $1.5 million in milestones. The companies will share clinical development responsibilities and funding, estimated at $10 million. GENZ will receive worldwide marketing rights and an option on manufacturing, and ARGS will receive royalties and retain an option for co-marketing in the U.S. ...