Radiopharmaceutical developer Palatin Technologies and Tyco Healthcare unit Mallinckrodt have restructured their marketing agreement for Palatin's work-in-progress LeuTech infection imaging agent. Under the revised terms of the deal, Mallinckrodt of Hazelwood, MO, will commit up to $3.2 million in additional funds to cover half of Princeton, NJ-based Palatin's estimated expenses for completing the Food and Drug Administration review process.
The additional funding is subject to certain milestones, and Palatin will receive $800,000 within 10 days of execution of the amendment, according to the firms. Among other changes from the original August 1999 agreement, a scheduled $10 million milestone payment to Palatin has been revised to coincide with LeuTech's anticipated marketing approval and achievement of future sales goals. Previously, the payment was contingent upon FDA approval of the first LeuTech indication and attainment of certain sales goals.
Palatin said it is currently conducting additional clinical trials for LeuTech in osteomyelitis and post-surgical infection applications, and is also planning trials in fever of unknown origin, inflammatory bowel disease, and pulmonary imaging. The company said it is on track to file an amendment to its biologics license application (BLA) for LeuTech in the second half of 2002, with hopes of receiving FDA marketing approval in the first half of 2003.
By AuntMinnie.com staff writersMay 15, 2002
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Palatin raises $11 million, November 12, 2001
LeuTech to be tested for anthrax detection utility, November 5, 2001
Palatin narrows loss in 2000, October 6, 2000
FDA wants more data on Palatin’s LeuTech agent, September 28, 2000
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