TORONTO, July 17 /CNW/ - Transition Therapeutics Inc. (“Transition”) (TSX: TTH - News), announced today that Novo Nordisk A/S (“Novo Nordisk”) and Transition have signed an amendment to their license agreement on E1-I.N.T (TM) and GLP1-I.N.T.(TM) to restate the rights and responsibilities of the parties. Novo Nordisk retains exclusive, worldwide rights to the E1-I.N.T. (TM) program and Transition regains exclusive ownership and rights to all other I.N.T.(TM) programs, including GLP1-I.N.T.(TM). Novo Nordisk has in association with the execution of the amendment paid $US500,000 to Transition. Additionally, Transition will receive from Novo Nordisk $US500,000 in research and development funding in 2006. The financial terms of the amended agreement remain the same, where Transition will receive future E1-I.N.T.(TM) developmental milestone payments potentially totalling $US46 million plus commercial milestones and royalties on sales of E1-I.N.T.(TM) products.
