ALBANY, N.Y., April 3, 2012 /PRNewswire/ -- AMRI (Nasdaq: AMRI), a global contract healthcare services organization spanning the entire R&D continuum, announced today that it has signed an exclusive option to enter a license agreement with Bessor Pharma, LLC, a translational drug development company led by industry veteran Barry A. Berkowitz, Ph.D., for the development of ALB 109564(a), AMRI's novel tubulin inhibitor compound in late Phase I testing for the treatment of cancer.
Under the terms of this agreement, AMRI will receive an undisclosed option fee and reimbursement for certain costs associated with the intellectual property related to ALB 109564(a). The option period is approximately eight months, during which time Bessor Pharma will conduct further due diligence, engage in the required fund raising and coordinate with AMRI a technology transfer and advanced development plan. Upon exercising the option, Bessor Pharma will receive an exclusive license to the ALB 109564(a) intellectual property, and be solely responsible for all related research and development and patent costs. Under the terms of the license, AMRI will receive royalties on sales of any ALB 109564(a)-related drug that is commercialized, in addition to the potential to earn additional revenue as the manufacturer of the drug itself. In the event that the option is not exercised, all rights to ALB 109564(a) will revert to AMRI.AMRI Chairman and CEO Thomas E. D'Ambra, Ph.D. said, "We are very pleased with this commercialization opportunity for our tubulin inhibitor program. We believe this novel compound offers good potential to advance the effectiveness of treatment against certain types of cancer in humans, and Dr. Berkowitz and his team have a proven track record of success in drug development. The tubulin program is one of the assets that we have developed from our past R&D investments. As we have stated previously, we will continue to pursue strategic opportunities to enable AMRI to advance the clinical development of our other compounds or programs to create near and long-term value for the company."