The Autism News
By Pudget Sound Business Journal
Marina Biotech Inc., which used to be known as MDRNA, said it’s sold patent rights and technology related to its Carbetocin asset for $750,000 upfront in a deal that could be worth up to $27 million.
The Bothell biotech (NASDAQ: MRNA) sold the asset to Cypress Bioscience Inc. (NASDAQ: CYPB) of San Diego. Cypress will be responsible for the future development of Carbetocin, which Cypress describes as “a potential breakthrough treatment for the core symptoms of autism.” Cypress also could pay Marina Biotech royalties on commercial sales of Carbetocin.
“The sale of our Carbetocin assets to Cypress is another example of our efforts to monetize the legacy assets of our predecessor company,” said J. Michael French, president and CEO of Marina Biotech, referring to the assets of Nastech Pharmaceuticals, the predecessor company to Marina.
The Bothell biotech (NASDAQ: MRNA) sold the asset to Cypress Bioscience Inc. (NASDAQ: CYPB) of San Diego. Cypress will be responsible for the future development of Carbetocin, which Cypress describes as “a potential breakthrough treatment for the core symptoms of autism.” Cypress also could pay Marina Biotech royalties on commercial sales of Carbetocin.
“The sale of our Carbetocin assets to Cypress is another example of our efforts to monetize the legacy assets of our predecessor company,” said J. Michael French, president and CEO of Marina Biotech, referring to the assets of Nastech Pharmaceuticals, the predecessor company to Marina.
Source: http://seattle.bizjournals.com/seattle/stories/2010/08/23/daily27.html
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