Cortecs plc said it received a US$2.5 million milestone payment from its partner, Towa Pharmaceuticals Co Ltd., of Tokyo, when the two terminated their collaboration on Macritonin.

Macritonin, oral calcitonin for the treatment of osteoporosis, was Cortecs' lead product, but it failed in Phase III trials and was dropped in May 1999. The company, based in Deeside, Wales, said it was ending development in Japan by mutual agreement with Towa. The milestone was due at the time of termination. - Nuala Moran