Canguard Pharma Inc. announced last week that it has agreedto license an undisclosed neurological drug to the Canadiansubsidiary of Rhone-Poulenc Rorer Inc.
Terms of the deal with Rhone-Poulenc Rorer Canada Inc. werenot disclosed other than the fact that Canguard will receiveroyalties on sales in Canada.
Canguard (VSE:CGD) of Vancouver, British Columbia, whichfocuses on improving formulations of off-patent drugs, expectsthis to be its first product to reach the market.
The company has six neurological drugs in the pipeline, anddisease targets include epilepsy, Parkinson's disease and painrelief. One of the products is Nuroval, a sustained-releaseformulation of sodium valproate for the treatment of epilepsy.
Separately, Canguard announced that Athena NeurosciencesInc. canceled its January 1993 agreement to market and sellNuroval in the U.S. Canguard's chairman, John Armstrong, saidAthena decided to drop the agreement because it has "toomany things on its plate."
Armstrong said he believes the company can probably find astronger partner than Athena. Canguard said it has beenapproached by major pharmaceutical companies interested inlicensing Nuroval and is currently in negotiations with onemultinational company. Early clinical trials with the drug havejust been completed.
-- Brenda Sandburg News Editor
(c) 1997 American Health Consultants. All rights reserved.