bioStrategies’ study supports licensing deal between Zogenix and Elan
FOR IMMEDIATE RELEASE
Chicago, IL — November 27, 2007
Zogenix, Inc. (”Zogenix”), a private, specialty pharmaceutical company, today announced they have entered into a License Agreement under which Zogenix has been granted exclusive US rights from an affiliate of Elan Corporation, plc (NYSE: ELN) (”Elan”) to develop and commercialize a late stage, controlled-release opioid for the treatment of pain. The product, which incorporates Elan’s proprietary SODAS® Technology, has previously demonstrated in a Phase 2 clinical trial a clinically acceptable safety profile and a reduction in pain intensity for chronic moderate to severe osteoarthritis pain patients across multiple dosage strengths.
Under the terms of the Agreement, Elan will receive from Zogenix an undisclosed upfront payment and future payments upon the achievement of clinical and regulatory milestones for the product. Additionally, Elan will receive royalty payments based on sales of the product upon commercialization. Zogenix will assume responsibility for the clinical development and commercialization of the product in the U.S., and Elan will manufacture the product for Zogenix.
For more information about the study, please contact Mike Kaestle