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Teva licenses AutoImmune patents
In February 1999, the Company announced the signing of an exclusive agreement with Teva Pharmaceutical Industries, Ltd. for an application of AutoImmune's proprietary technology. The agreement covers the development by Teva of various non-parenteral formulations of COPAXONE® (glatiramer acetate — an analog of MBP), its currently available injectable drug for multiple sclerosis. In March 2006, Teva ceased development of enteric coated oral Copaxone and announced it is considering future development of other non-parenteral formulations. AutoImmune will receive a $10 million milestone payment upon product approval and escalating royalties based on cumulative sales of any product covered by the agreement.
BioMS licenses AutoImmune patentsIn August 2000, the Company announced the signing of an exclusive agreement with Bio MS Medical Corporation (nee Rycor Technology Investments Corp.) for another of AutoImmune's proprietary methods to treat autoimmune diseases. The license agreement covers development of a native myelin basic protein peptide product for injection to non-mucosal sites for the treatment of multiple sclerosis. In December 2004, BioMS began a Phase III trial of the product. The terms of the license include monthly payments and an escalating royalty based on cumulative net sales with no annual reset.
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