Biolipox announced today that Inflazyme Pharmaceuticals Ltd., (TSX:IZP) has completed its previously announced sale of substantially all of its research and development assets to the Swedish biopharmaceutical company Biolipox AB. The transaction was approved at Inflazyme’s AGM and Special Meeting of Shareholders on November 16, 2007. Of the votes cast, 98 per cent were in favor of the transaction.
Inflazyme has received $4 million in cash for the sale of the PDE inhibitors, the LSAIDs™ and the Protein Therapeutics technology. In addition, Inflazyme may receive up to $7 million in potential milestones plus royalty payments consisting of the following: (i) $1.5 million upon a decision to enter a Phase 2b clinical study with a PDE inhibitor; (ii) $2.5 million upon a decision to initiate a Phase 3 study with a PDE inhibitor; (iii) $3 million upon a decision to begin a Phase 3 clinical study with an LSAID™; and (iv) a modest royalty of 1.25% on net sales of the first PDE inhibitor...