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Celgene receives option to acquire VentiRx

October 4, 2012 12:59 AM UTC

VentiRx Pharmaceuticals Inc. (Seattle, Wash.) granted Celgene Corp. (NASDAQ:CELG) an exclusive option to acquire the company following Phase II data of VTX-2337 in ovarian or head and neck cancer. VentiRx will receive $35 million up front and is eligible for undisclosed additional funding, including an equity investment by Celgene, prior to exercise of the option. VentiRx remains responsible for VTX-2337 development and plans to start a Phase II trial by year end of the small molecule toll-like receptor 8 (TLR8) agonist in platinum-resistant ovarian cancer. VentiRx also plans to begin a separate Phase II trial next half in head and neck cancer. Celgene can exercise the option following data from either trial. On Wednesday, Celgene was up $0.57 to $78.99. ...