Cortex Pharmaceuticals, Servier deal

Servier exercised an option from Cortex to license exclusive, worldwide rights to develop and commercialize CX1632. Cortex will receive $2 million up front, and is eligible for milestones and royalties. Servier paid Cortex $1 million in June for the option to the Ampakine, which completed Phase I testing for Alzheimer's disease (AD). Servier also exercised its option to sublicense Cortex's rights to all indications licensed from the University of California (Irvine, Calif.). Ampakines are positive modulators of the AMPA-type glutamate receptors. Details were not disclosed (see BioCentury, June 20). ...