NEW YORK, Dec. 4 /PRNewswire-FirstCall/ -- Immtech Pharmaceuticals, Inc. (AMEX: IMM) announced today that the Company has granted an exclusive license to BioAlliance Pharma SA (Euronext Paris - ticker code BIO) to commercialize Immtech's oral drug, pafuramidine maleate (pafuramidine), in Europe for the treatment of pneumocystis pneumonia (PCP) in AIDS patients and for the treatment of Human African trypanosomiasis, also known as African sleeping sickness. Pafuramidine is currently in Phase III clinical trials for these two indications. Immtech also granted to BioAlliance an option to commercialize pafuramidine in Europe for prevention and treatment of malaria in travelers.
Pursuant to the agreement, Immtech will receive an initial payment of $3 million from BioAlliance. An additional $13 million will be paid to Immtech as pafuramidine advances through European regulatory approval and pricing. Immtech will also receive additional payments based on sales milestones and significant double-digit royalties on sales. BioAlliance has an option to commercialize pafuramidine for malaria prophylaxis in Europe, and BioAlliance would contribute to funding clinical development costs. Additional regulatory, pricing, and sales milestone payments to Immtech and royalty payments based on sales would also be paid by BioAlliance.
"We are delighted to be collaborating with BioAlliance to launch
pafuramidine in Europe," said Eric L. Sorkin, Chairman and Chief Executive
Officer of Immtech. "BioAlliance's development and marketing expertise, as
evidenced by the recent launch of Loramyc(R) in Europe for the treatment of
HIV and cancer, demonstrate BioAlliance's proven capabilities in this
market. We believe BioAlliance's valuabl
|SOURCE Immtech Pharmaceuticals, Inc.|
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