Texas Biotech deal

TXB and L'Oreal's Synthélabo subsidiary (France) will co-develop and market compounds for vascular proliferation disease.

Synthélabo invested $5 million for 1.4 million shares of the Houston company's common stock, and will pay a $3 million up-front licensing fee. Synthélabo expects to pay TXB $3 million annually in research funding for three years and committed further payments of up to $3 million per year for up to six additional years upon the achievement of certain milestones. TXB, which has 17 million shares outstanding, also will receive royalties. ...