CoCensys, G. D. Searle & Co. deal

The companies agreed to develop COCN's CCD 3693 to treat insomnia.

Searle, a wholly owned subsidiary of Monsanto Co., will make an up-front payment of $10 million, comprised of a $3 million licensing fee and a $7 million investment in preferred stock. The preferred is convertible over two years at COCN's discretion into COCN common at the then-current market price. Milestones and R&D support could total an additional $70 million. ...