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RespireRx Pharmaceuticals Inc.

Drug Names(s): CX717 AMPAKINE

Description: CX717 targets the AMPA receptor, one type of receptor that plays a role in excitatory communication mediated by glutamate, as well as memory. A reduced level of glutamate-mediated exitatory communication has been implicated in diseases such as Alzheimer's disease and schizophrenia.

The AMPA receptor is the primary pharmacological target being addressed by Cortex. The Company is pioneering a class of proprietary pharmaceuticals called AMPAKINE compounds. AMPAKINE compounds are any compound that binds to the AMPA receptor and increases AMPA receptor modulation.

Deal Structure: CX717 was originally developed by Cortex Pharmaceuticals.

Biovail and Cortex
In March 2010, Biovail Corporation (BLS) announced they acquired certain Ampakine compounds, including associated intellectual property, from Cortex Pharmaceuticals (Cortex). The acquired compounds include the Phase II compound CX717, the preclinical compounds CX1763 and CX1942, and the injectable dosage form of CX1739. As part of the acquisition transaction, BLS has also entered into a field limited license agreement with The Regents of the University of California.

Under the terms of the asset purchase agreement, BLS has paid an upfront fee of $9 million, expects to pay an additional $1 million upon the completion of a transition period, and could pay up to $15 million in potential milestones contingent on the successful demonstration of the utility of an intravenous formulation of CX717 in treating respiratory depression, the successful completion of a Phase III clinical program using an...See full deal structure in Biomedtracker

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