Biorex Research and Development Co. RT, CytRx deal
CYTR acquired the clinical and pharmaceutical assets of Biorex for $3 million in cash. The deal brings CYTR three clinical candidates, including arimoclomol, which has completed Phase I testing for amyotrophic lateral sclerosis (ALS); iroxanadine, which has completed a Phase II trial to improve endothelial function in patients at risk for cardiovascular disease; and bimoclomol, which failed two Phase II trials in diabetic neuropathy. CYTR will seek Orphan Drug designation for arimoclomol and plans to start a Phase II trial in the second quarter of 2005, which may form the basis for regulatory submissions. CYTR plans to develop iroxanadine in diabetic wound healing and may out-license the compound for larger cardiovascular indications. Biorex is eligible for milestones. ...