Alseres and BioAxone Amend License Agreement for Cethrin(R) and Rho Inhibitor ...( HOPKINTON Mass. April 30 /- Alseres P...),Health

HOPKINTON, Mass., April 30 /PRNewswire-FirstCall/ -- Alseres Pharmaceuticals, Inc. (Nasdaq: ALSE; the Company) announced today that on April 24, 2009 it entered into an Amendment to License Agreement (Amendment) with BioAxone Therapeutic, Inc. (BioAxone), pursuant to which the license agreement between the Company and BioAxone originally executed in December 2006 and amended in March 2007 (the Cethrin License) was further amended. The Amendment replaces all of the pre-commercial financial and performance-related milestones contained in the Cethrin License with a formula-based approach to sharing any and all income generated under a sub-license. The Amendment provides that the Company will use reasonable commercial efforts to enter into a sub-license Agreement for the compounds and technology covered by the Cethrin License. In the event that the Company fails to sub-license its rights under the Cethrin License within a specified time period, the Company retains a right to receive a smaller portion of any license revenue that BioAxone generates after the Cethrin License, as amended, terminates. The Amendment also provides for the mutual release of claims that each party had previously alleged against the other under the Cethrin License.

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"We are pleased with the amended agreement with BioAxone. With our recent progress with Altropane(R) and our Phase III molecular imaging program, a significant portion of our resources must be devoted to completing pivotal clinical trials, getting FDA approval and establishing manufacturing and commercialization partnerships for Altropane," stated Peter Sava
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