Updated at 6:16 p.m., Monday, December 4, 2006
'Aiea-based drug firm signs deal with Germany's BASF
Advertiser Staff
'Aiea-based drug developer Cardax Pharmaceuticals Inc. has entered into a development and supply agreement with BASF Aktiengesellschaft of Ludwigshafen, Germany.The deal calls for BASF to manufacture a specialized form of astaxanthin used to make Cardax's Xancor drug compound. Xancor is being developed to treat cardiovascular inflammatory disease. BASF will produce this material in sufficient quantity for pre-clinical, clinical, and eventual commercial use.
Cardax also has given BASF an option to a royalty-bearing license for nutraceutical uses of the specialized form of astaxanthin. However, pharmaceutical applications of Xancor remain the property of Cardax.
Financial terms of the deal were not announced.
