CPEX Pharmaceuticals Inc. (NASDAQ: CPEX) today announced that its partner, Serenity Pharmaceuticals, has entered into a global agreement with Allergan, Inc. (NYSE: AGN) for the development and commercialization of Ser-120, a product candidate currently in Phase III clinical trials for the treatment of nocturia that utilizes CPEX's patented intranasal drug delivery technology. In connection with its agreement with Serenity, Allergan is assuming the exclusive license agreement between CPEX and Serenity that the companies entered into in February 2008.
“We believe Allergan's interest in Ser-120 underscores the potential of the product in treating urologic disorders and provides further validation for our proprietary intranasal technology.”
Under the February 2008 agreement, CPEX granted Serenity an exclusive and sub-licensable license to use CPEX's CPE-215® permeation technology for the development of Ser-120. In return, CPEX is entitled to sales milestones and low single digit royalties on worldwide net sales following commercialization of Ser-120. Financial details related to this agreement have not been disclosed.
"Allergan's strength in sales and marketing is well established so we are very pleased to see their interest in Ser-120, and we look forward to partnering with Allergan as they continue Ser-120's development," said John A. Sedor, CPEX President and Chief Executive Officer. "We believe Allergan's interest in Ser-120 underscores the potential of the product in treating urologic disorders and provides further validation for our proprietary intranasal technology."
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