Cortex sells selected Ampakine compounds and rights to respiratory depression indication to Biovail for up to $25 million

California, USA-based Cortex Pharmaceuticals says it has entered into an agreement with Canada's Biovail Laboratories for certain Ampakine compounds and the rights to the patent filing for respiratory depression and vaso-occlusive crises associated with sickle cell disease. The transaction with Biovail includes a purchase price of $10 million and additional payments of up to $15 million on defined clinical development milestones, including approval by the US Food and Drug Administration.

The deal includes the transfer of rights to Biovail - Canada's largest publicly-traded drug firm - for certain Ampakine compounds, including the Phase II agent CX717, the preclinical CX1763 and CX1942, and the injectable dosage form of CX1739 and the indication of respiratory depression. Specifically, the accord allows Cortex to retain its rights to non-injectable dosage forms of CX1739 for all uses outside of respiratory depression. Biovail will allow Cortex to continue to pursue the treatment of sleep apnea for which a clinical trial is currently underway.

Positive Ph IIa data