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July 16, 2002
July 16, 2002 - WASHINGTON, D.C. - Oxford GlycoSciences, PLC (OGS) and Cystic Fibrosis Foundation Therapeutics, Inc. (CFFTI) agreed to jointly discover and validate serum biomarkers of cystic fibrosis (CF) and associated pulmonary complications. The two organizations hope to accelerate the pace of clinical advances by diagnosing complications of CF sooner and intervening earlier and more efficiently.
Under the terms of the agreement, OGS continues to own exclusive commercial rights to databases, prognostic and diagnostic applications of biomarkers, and rights on certain applications developed outside of CF, while CFFTI keeps exclusive rights to CF therapeutics and certain related applications. CFFTI could pay OGS up to $5.5 million, including a technology access fee, research fees and certain discovery and validation milestone payments. In addition, each party is entitled to receive royalties from the other party on product sales in respect of that party's retained commercial rights.
John A. Hurvitz and Ann Eirich of Covington & Burling represented Oxford GlycoSciences in this transaction.
For more information, please contact John A. Hurvitz, JHurvitz@cov.com, 202.662.5319 or Noël Decker, email@example.com, 202.662.6361.