AkaRx, Inc. and MGI PHARMA, INC. Announce Closing of Development and License Agreement

PARAMUS, N.J.--(BUSINESS WIRE)--AkaRx, Inc., a Paramus, New Jersey biopharmaceutical company, and MGI PHARMA, INC. (NASDAQ:MOGN), a biopharmaceutical company focused in oncology and acute care, today announced that their previously announced Development and License Agreement has become effective. The Agreement provides MGI PHARMA with the exclusive rights to develop AKR-501, a novel, small molecule thrombopoietin mimetic being developed for the treatment of thrombocytopenia, and an option to acquire AkaRx at MGI PHARMA's sole discretion at any time up to January 8, 2010. AKR-501 is an orally-available, full agonist that targets the c-Mpl receptor on platelet producing cells to stimulate platelet production.