Jun 29 2010
AlphaRx, Inc. (OTCBB: ALRX) today announced that it has entered into an agreement with Cypress Bioscience (Nasdaq: CYPB), under which AlphaRx is regaining all rights to Indaflex(TM) from Cypress Bioscience, which AlphaRx had previously licensed to Proprius Pharmaceuticals, which was subsequently acquired by Cypress Bioscience.
"With our Cypress colleagues, we have successfully advanced Indaflex(TM) to this late-stage of development," said Michael Lee, Chief Executive Officer of AlphaRx Inc. "Together we successfully completed an "End of Phase 2" meeting with the Food and Drug Administration and we are confident that this late stage candidate targeting a large patient population represents a compelling opportunity for an underserved market."
AlphaRx and Cypress have completed certain Phase 3 preparatory activities such as stability testing and packaging design. AlphaRx will evaluate new partnering opportunities for Indaflex(TM) as soon as the development program is transferred from Cypress to AlphaRx.