- Transaction Includes $10 Million in Upfront Fees and Milestones -
DALLAS, Aug. 18 /PRNewswire-FirstCall/ -- ACCESS PHARMACEUTICALS, INC. (OTC Bulletin Board: ACCP) and Milestone Biosciences, LLC ("Milestone") today announced the signing of a definitive license agreement under which Milestone will market Access' proprietary product MuGard(TM) in the United States and Canada. Milestone is a company recently started by former executives and sales representatives of companies with an established commercial presence in oncology, including MGI Pharma, Amgen and Genentech. MuGard is used for the management of oral mucositis, a debilitating side effect of many anticancer chemotherapy and radiation treatments, and has already received marketing allowance from the U.S. Food and Drug Administration. Under the terms of the agreement, Milestone will pay Access upfront license fees and subsequent milestone payments that total $10 million along with a double digit royalty upon commercialization of MuGard. Milestone expects to launch MuGard in the US early in the first quarter of 2009.
"We are pleased to have Milestone as our North American partner for MuGard," said Jeffrey B. Davis, President & CEO of Access. "Milestone has assembled a team of very experienced pharmaceutical executives with a great track record of commercial success in oncology supportive care, including experience with the oral mucositis market and related chronic dry mouth market. We are excited and confident that this team of experienced executives will successfully launch and commercialize MuGard."
"MuGard is an important product for Milestone as it gives us a
tremendous near term product around which to launch and further grow our
sales team. We believe there is a significant un-met medical need for
MuGard with solid commercial sales potential," stated Eric Loukas, CEO of
Milestone. "Our seasoned commercial team is excited about the potential for
MuGard in the oral mucositis mark
|SOURCE Access Pharmaceuticals, Inc.|
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