Maxygen, Inc. (MAXY) Announces Expiration of Cangene Corporation (CC:CNJ)’s Option to License MAXY-G34 for Acute Radiation Syndrome
7/19/2010 9:19:17 AM
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Maxygen, Inc. (Nasdaq: MAXY), a biotechnology company focused on the development of improved protein drugs, today announced that its option and licensing arrangement with Cangene Corporation (TSX: CNJ) has expired. Under the agreement, Maxygen had granted Cangene an option to obtain an exclusive license to Maxygen’s proprietary MAXY-G34 protein therapeutic for use in treating acute radiation syndrome (ARS). The expiration resulted from the decision by the Biomedical Advanced Research and Development Authority (BARDA), an agency within the U.S. Department of Health and Human Services, to eliminate Cangene from the competitive range with respect to its bid on a contract for developing a treatment for ARS.