IRVINE, Calif.--(BUSINESS WIRE)--Somanta Pharmaceuticals Inc. (OTCBB:SMPM) today announced that the Company has signed a letter of intent (LOI) pertaining to a license and collaboration agreement with privately held Virium Pharmaceuticals Inc. of Princeton, NJ. The LOI covers all formulations or drug combinations where Phenylbutyrate is an active ingredient. Pursuant to the LOI, in addition to current worldwide rights, excluding North America, involving the current formulation of Phenylbutyrate, Somanta obtains a participation in any revenue or royalties derived from its sale in North America. In return, Somanta has granted Virium a reciprocal participation in Europe. In the rest of the world, Somanta and Virium will share revenues and royalties equally. The existing formulation of Phenylbutyrate is being initially developed for recurrent glioblastoma multiforme (“GBM”), an “orphan” indication.
