Chemex announces dissolution of joint venture with Block Drug.FORT LEE, N.J.--(BUSINESS WIRE)--Chemex Pharmaceuticals Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CHMX), announced today that Chemex and the Block Drug Co. have mutually agreed to dissolve their joint venture in the field of dermatology, effective Dec. 31, 1994. Under the terms of the agreement, Amlexanox, the joint venture's lead drug for the treatment canker sores Canker Sores Definition Canker sores are small sores or ulcers that appear inside the mouth. They are painful, self-healing, and can recur. Description , will continue to be jointly owned by Chemex and Block under a new cooperative agreement. Under the agreement currently in effect, the product will be owned on a 50%/50% basis, with Chemex responsible for the New Drug Application, on-going research, and product registration in foreign markets. Block will be responsible for the manufacturing and marketing of the product. All other products, not related to Amlexanox, currently under development by the joint venture will become the sole property of Chemex (with the exception of its ownership share in the retinoid retinoid /ret·i·noid/ (ret´i-noid) 1. resembling the retina. 2. retinal, retinol, or any structurally similar natural derivative or synthetic compound, with or without vitamin A activity. acid product currently under license from Penederm Inc.) and neither Chemex or Block will have any future financial obligations to each other for any of these products. The products reverting to Chemex ownership currently under development include the following: CHX-100- photoaging pho·to·ag·ing n. 1. The process by which skin is changed or damaged as a result of exposure to ultraviolet radiation in sunlight and other sources. 2. of the skin (Phase I/II); CHX-108-mild to moderate psoriasis (Phase I); and EPC-K1-atopic and seborrhea seborrhea /seb·or·rhea/ (seb?o-re´ah) 1. excessive secretion of sebum. 2. seborrheic dermatitis.seborrhe´alseborrhe´ic seborrhea sic´ca dermatitis dermatitis (dûr'mətī`tĭs), nonspecific irritation of the skin. The causative agent may be a bacterium, fungus, or parasite; it can also be a foreign substance, known as an allergen. (Phase I/II). Chemex will return its share of its ownership in the license for Penederm's Retin-A product to Block outright. Chemex will continue to receive royalties from Actinex, a drug developed by Chemex and sold to Block in 1990. Chemex is a leader in developing new prescription drugs for the treatment of various skin diseases. CONTACT: Chemex Pharmaceuticals Len Stigliano, 201/944-1449 |
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