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Biovail buys compounds from Cortex Pharmaceuticals

Fri, 03/26/2010 - 4:17am
The Associated Press

Canadian drug developer Biovail Corp. said Friday it bought several Ampakine compounds, aimed at treating a breathing disorder, for $9 million upfront, plus future payments.

Biovail said it bought the compounds from Cortex Pharmaceuticals Inc. They include CX717, now in midstage development.

Biovail will pay the upfront fee, along with an additional $1 million upon completion of a transition period. It could also pay up to $15 million in milestones.

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