LEXINGTON, Mass.--(BUSINESS WIRE)--Critical Therapeutics, Inc. (Nasdaq: CRTX) today announced that Beckman Coulter, Inc. has exercised its option to continue to license patent rights relating to the use of High Mobility Group Box 1 (HMGB1) technology to develop an immunoassay for detection and diagnosis of inflammatory diseases. Beckman Coulter has paid Critical Therapeutics a product development fee as a result of exercising its option and has agreed to begin formal product development of an HMGB1 diagnostic. In January 2005, Critical Therapeutics originally entered into a license agreement with Beckman Coulter relating to the development of diagnostic products for measuring HMGB1. Under the terms of the license agreement, Critical Therapeutics is entitled to receive a milestone payment upon the achievement of the first commercial sale of a licensed product and royalties on net sales of licensed products by Beckman Coulter.
