MALVERN, Pa. and LYNBROOK, N.Y., Aug. 31, 2011 /PRNewswire/ —
Auxilium Pharmaceuticals, Inc. (NASDAQ:
AUXL), a specialty biopharmaceutical company, and BioSpecifics
Technologies Corp. (NASDAQ:
BSTC), a biopharmaceutical company, today announced that they
have dismissed all pending litigation between the Companies and
announced plans to move XIAFLEX forward in the clinic for cellulite
and human and canine lipoma as well as to collaborate on the
initiation of further studies for XIAFLEX for additional
indications. Through an amendment and restatement of the Companies’
2008 development and license agreement, the Companies have
clarified the rights and responsibilities of the Joint Development
Committee.
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Auxilium has been granted the right to initiate studies for the
treatment of edematous fibrosclerotic panniculopathy, more commonly
known as cellulite, and expects to begin phase Ib clinical studies
in early 2012. BioSpecifics will initiate studies for the treatment
of human and canine lipomas and plans to initiate clinical studies
for both human and canine lipomas shortly. Auxilium will continue
to have the option to exclusively license these indications upon
completion of BioSpecifics’ development work. Auxilium and
BioSpecifics also plan to collaborate on identifying further
indications for treatment with XIAFLEX.
Based on the terms of the amended agreement, Auxilium will pay
BioSpecifics an opt-in fee at the time of completion by Auxilium of
Stage I development of cellulite and will be responsible for all
development costs associated with cellulite. Auxilium’s opt-in
rights remain unchanged with respect to the two lipoma indications.
In addition to the opt-in fees, BioSpecifics will continue to be
entitled to r
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