Cortex Pharmaceuticals, Servier deal

Servier paid Cortex $1 million for an option to purchase worldwide rights to jointly discovered CX1632 ( S47445) as well as a sub-license of Cortex's rights to all indications licensed from the University of California (Irvine, Calif.). If Servier exercises the option, it will pay Cortex an additional $2 million and the university would be eligible for undisclosed milestones and royalties. During the option period, which expires Nov. 1, Cortex and Servier remain joint owners of patents and patent applications related to CX1632. Cortex has rights to develop and commercialize CX1632 in North America, selected South American countries, Australia and New Zealand, while Servier has rights elsewhere. ...