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Advanced Life Sciences Holdings, Inc.
Drug Names(s): cethromycin, ABT-773
Description: Cethromycin, a novel ketolide antibiotic, has shown higher in vitro potency and a broader range of activity than macrolides against Gram-positive bacteria associated with respiratory tract infections. In in vitro tests, it appears to be effective against penicillin- and macrolide-resistant bacteria. Cethromycin has a mechanism of action, unique to ketolides, that binds to the large ribosomal subunit causing bacterial cell growth arrest due to inhibition ofprotein synthesis.
Deal Structure: In December 2004, Advanced Life Sciences entered into an agreement with Abbott Laboratories under which Advanced Life Sciences acquired from Abbott a license to certain patent applications, patents and proprietary technology relating to cethromycin.
Under the terms of the license agreement, Advanced Life Sciences has an exclusive worldwide license (excluding Japan) to develop and commercialize cethromycin. Advanced Life Sciences intends to conduct and fund the remaining clinical development of cethromycin and commercialize the product.
Under the terms of the agreement, Abbott received 1,122,569 shares of Advanced Life Sciences common stock and had the right to receive $11.0 million in cash, which was paid in 2005. Of the $11.0 million in payments made during 2005, $9.0 million related to the purchase of the remaining cethromycin inventory from Abbott. The remaining $2.0 million represented a milestone payment which was due on October 31, 2005. The original amount of this...See full deal structure in Biomedtracker
Partners: AbbVie Inc.
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