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MedGenesis Therapeutix Reacquires Rights for GDNF



11/8/2010 9:47:07 AM

VICTORIA, BRITISH COLUMBIA--(Marketwire - November 08, 2010) - MedGenesis Therapeutix Inc. ("MedGenesis"), announced today that it has regained all rights to glial cell line-derived neurotrophic factor (GDNF) protein and related Convection Enhanced Delivery (CED) technology from Biovail Laboratories International SRL ("BLS"), a wholly owned subsidiary of Valeant Pharmaceuticals International, Inc. (NYSE and TSX: VRX). MedGenesis and BLS agreed to conclude their previously established collaboration to develop and commercialize GDNF, returning the product to MedGenesis together with a one-time cash payment of $5 million to accelerate the development of GDNF in Parkinson's disease. At the same time, MedGenesis has broadened GDNF applications to hearing loss and epilepsy.


Contacts:
MedGenesis Therapeutix Inc.
Michael Lincoln
Chief Financial Officer
(250) 386-3000
www.medgenesis.com


Read at BioSpace.com


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