signed a license agreement granting
the rights to use its proprietary NanoCrystal drug-delivery technology to develop the experimental cancer product Panzem NCD.
Under the terms of the deal, Elan is eligible to receive payments on EntreMed's achievement of certain clinical, manufacturing and regulatory milestones. Additionally, Elan will receive royalty payments based on sales of Panzem NCD, EntreMed's lead drug candidate.
Elan said it will manufacture Panzem NCD, which is currently in Phase 1b clinical studies in patients with advanced cancer.
Shares of Elan, a biotech company based in Ireland, were down 13 cents at $14.27. EntreMed, of Rockville, Md., was up 13 cents to $2.29.