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ARTICLE | Company News

Cortex reacquires Ampakines from Valeant

March 17, 2011 12:45 AM UTC

Cortex Pharmaceuticals Inc. (OTCBB:CORX) reacquired a portfolio of Ampakines for respiratory depression and related IP from Valeant Pharmaceuticals International Inc. (NYSE:VRX; TSX:VRX). Valeant, which gained the assets through last year's merger with Biovail Corp., discontinued the Ampakine program last November after it did not fit with the merged company's strategic and financial focus.

Valeant will receive $200,000 up front and is eligible for up to $15.2 million in milestones. Valeant also could receive up to $15 million in royalties from sales of an IV formulation of an Ampakine for respiratory depression. Additionally, Valeant retains an option to co-develop and co-commercialize IV formulations of an Ampakine for respiratory depression. The option is exercisable after the completion of Phase I testing but prior to the end of Phase IIa testing. ...