Boston Life Makes Cethrin Payment

Published: March 26, 2007  |  Source: biz.yahoo.com
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Boston Life Sciences Makes $7.5 Million Cethrin License Payment to BioAxone Therapeutic

HOPKINTON, Mass. (AP) — Biotechnology company Boston Life Sciences Inc. said Tuesday it paid the final $7.5 million license fee installment for Cethrin, which treats spinal cord injuries, under an agreement with BioAxone Therapeutic Inc.

Boston Life will develop and commercialize the drug, aimed at treating spinal cord injuries and Central Nervous System disorders. The collaboration could also involve future payments to BioAxone for milestones and sales royalties.

Cethrin is a recombinant protein drug intended to facilitate the re-growth of axons during the critical period immediately after a major injury to the spinal cord, the company said.

Shares of Boston Life Sciences was unchanged at $2.57 in midday trading on the Nasdaq Stock Market in morning trading. The stock has traded between $2.07 and $4.24 over the last 52 weeks.