Pharmaceutical firm Boston Life Sciences (BLSI) of Boston said it has reached an agreement with FluoroPharma to terminate a development agreement related to FluoroPharma's PET imaging agents.
In 2004, FluoroPharma agreed to grant BLSI a right of participation in the event that FluoroPharma pursued a development or sublicensing agreement for its cardiovascular PET imaging agents with an established biotechnology or pharmaceutical company.
BLSI said it is primarily focused on developing products for the diagnosis and treatment of central nervous system (CNS) diseases, and that cardiovascular imaging is not among its current strategic areas of focus. BLSI said it agreed to terminate its right of participation in the development agreement in exchange for 25,000 shares of FluoroPharma preferred stock.
The firm stated that the transaction continues its efforts to focus on the further growth of its CNS therapeutic product pipeline, in particular the completion of its phase III trial for Altropane, a nuclear imaging agent for the diagnosis of Parkinson's disease.
FluoroPharma was founded on technology for the development of noninvasive detection reagents for coronary artery disease developed by doctors at Massachusetts General Hospital's department of radiology. The company's president and CEO is Dr. Marc Lanser, a BLSI founder and its former chief medical officer.
By AuntMinnie.com staff writers
July 27, 2005
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