Transition Therapeutics Announces First Quarter Fiscal 2009 Financi...(search) Inc. a wholly owned subsidiary o...),Health
search) Inc., a wholly owned subsidiary of
Forbes Medi-Tech Inc. ("Forbes"). In consideration for the
acquisition of these assets and intellectual property rights, Forbes
has received from Transition US$1 million, and will potentially
receive up to an additional US$6 million in contingent consideration
dependent on the successful achievement of certain developmental and
regulatory milestones. These acquired discovery projects and other
internal projects will be the focus of a small group of research
scientists which shall operate through a newly formed United States-
based subsidiary called Transition Therapeutics (USA) Inc.
Corporate Developments:
- On October 3, 2008, the Company received 23,272,633 freely tradable
common shares of Stem Cell Therapeutics Corp. ("Stem Cell") pursuant
to the terms of a share purchase agreement entered into on October 4,
2004. Under the terms of this agreement, the final $1,650,000
milestone payment was due from Stem Cell to Transition on September
30, 2008. Stem Cell has elected to make this payment in the form of
Stem Cell common shares from treasury. The shares received are the
only shares that Transition owns of Stem Cell and the Company does
not intend to acquire any additional Stem Cell shares in the future.
Pipeline Review
---------------
ELND005 (AZD-103) for Alzheimer's Disease
Transition's lead Alzheimer's disease compound ELND005 (AZD-103) is a disease modifying agent with the potential to both prevent and reduce disease progression, and improve symptoms such as cognitive function.
In September 2006, Transition announced a global collaboration with
Elan to develop and commercialize ELND005 (AZD-103). In April 2007,
Transition announced that the FDA granted Fast Track designation to the
investigational drug
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