ARTICLE | Company News

Guilford deal

June 21, 2004 7:00 AM UTC

GLFD licensed to Symphony Neuro Development Co. U.S. rights to GPI 1485 for certain indications. Symphony Neuro, a newly formed private company, will invest up to $40 million to advance the compound through clinical development in Parkinson's disease (PD), post-prostatectomy erectile dysfunction (PPED), HIV-associated neuropathy, and HIV-associated dementia. The compound is in Phase II trials in PD and PPED and in preclinical development in the HIV-related indications. Through 2007, GLFD has an option to purchase the new company at prices starting at $75.1 million in April 2005, increasing to $119.8 million in March 2007. In addition, investors in Symphony Neuro received five-year warrants to purchase 1.5 million GLFD shares at $7.48 each. Symphony Neuro will outsource clinical trial design and management to RRD International LLC (Rockville, Md.), a product development company. GLFD will provide manufacturing, toxicology, patent and regulatory services to Symphony Neuro. New York-based merchant bank Symphony Capital has provided $43 million in development capital to Symphony Neuro. ...