Acusphere amends licensing agreements with Cephalon

Thu. June 25, 2009; Posted: 06:06 PM

Jun 25, 2009 (Datamonitor via COMTEX) -- CEPH | Quote | Chart | News | PowerRating -- Acusphere, a specialty pharmaceutical company, has announced a $1 million payment by Cephalon, a biopharmaceutical company, the cancellation of Cephalon's $15 million senior secured convertible note and the amendment of its March and November 2008 licensing agreements with Cephalon for the oncology applications of Acusphere's hydrophobic drug delivery system technology and AI-525, an intravenous formulation of celecoxib.

Under the amended terms of the licensing agreements, Cephalon is no longer obligated to make a $15 million milestone payment or any royalty payments upon approval of AI-525 and Cephalon will assume primary responsibility for patent prosecution of licensed technology.

As a result of this transaction, Cephalon's pledge and security agreement, and registration rights agreement have also been terminated and Cephalon no longer has a security interest in any of Acusphere's assets. Also as a result of this transaction, Cephalon no longer has any rights related to equity ownership in Acusphere nor any product rights to Imagify for injectable suspension, Acusphere's lead product candidate.

Acusphere now has global rights to Imagify, a perfusion stress echo imaging agent for detecting coronary artery disease. The company is currently seeking a partner for the continued development of Imagify.

After the $1 million payment from Cephalon, the company has approximately $2.8 million in unaudited cash which the company expects will fund operations to the fourth quarter of 2009 based on the current operating plan.

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For full details on Cephalon Inc (CEPH) click here. Cephalon Inc (CEPH) has Short Term PowerRatings of 4. Details on Cephalon Inc (CEPH) Short Term PowerRatings is available at This Link.

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