MRI contrast developer Advanced Magnetics said it has settled a lawsuit with biopharmaceutical firm Cytogen of Princeton, NJ.
Under the terms of the settlement agreement, Cambridge, MA-based Advanced Magnetics and Cytogen agreed to terminate both a license and marketing agreement and a supply agreement between the firms, effective immediately.
With the termination of the agreement between the companies, Advanced Magnetics regains U.S. marketing rights to its ferumoxytol and Combidex products, and agrees to pay Cytogen a lump sum payment of $4 million in cash and release to the firm 50,000 shares of Cytogen common stock currently being held in escrow under the terms of the original license and marketing agreement for products.
By AuntMinnie.com staff writers
February 16, 2007
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