Alseres Pharmaceuticals Enters Agreement to Amend Cethrin(R) License to Lower Milestone Payments and Roy... ( Milestone Payments slated for reduc...)

Alseres Pharmaceuticals Enters Agreement to Amend Cethrin(R) License to Lower Milestone Payments and Royalty Rates

Date:5/6/2008

Milestone Payments slated for reduction from $25 Million to $7 Million,

Royalties from 10-12% to 4%

HOPKINTON, Mass., May 6 /PRNewswire-FirstCall/ -- Alseres Pharmaceuticals, Inc. (Nasdaq: ALSE), today announced an agreement with BioAxone Therapeutic, Inc., of Montreal, Canada, whereby, upon payment by Alseres of an option fee of $7 million on or before October 27, 2008, Alseres may exercise an option to amend the Company's Cethrin License Agreement.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070608/NEF043LOGO )

Pursuant to the option agreement, the pre-commercial milestone payments in the amended license agreement will be reduced from $25 million to $7 million payable on or before December 31, 2009. In addition, the sales-based royalties in the amended license agreement will be reduced from 10-12% to 4% for spinal cord injury and 1% for all other indications. Finally, the amended license agreement will eliminate all development milestones related to Cethrin.

"This agreement represents a major step forward for Alseres in realizing the full value of our Cethrin spinal cord program and our Rho inhibitor technology platform," stated Peter Savas, Chairman and Chief Executive Officer. "Our strategy for our spinal cord injury program and our other regenerative therapeutics is to demonstrate efficacy in humans and then seek attractive partnerships for the assets. In addition to reducing the future cash burdens of the license, we believe that the reduction in our future royalty obligations will allow us to more freely explore worldwide collaboration and partnership opportunities not only in spinal cord injury b
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SOURCE Alseres Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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