Gynex Pharmaceuticals Inc. announced Wednesday that it hasgranted a license to a company of the Organon Group forGynex's patented dosage regimen for oral contraceptives.
Organon exercised its option to get this license aftersuccessfully completing a human clinical trial to determine theefficacy of Gynex's regimen.
Gynex (NASDAQ:GYNX) of Vernon Hills, N.J., received a$175,000 signing payment from Organon, part of Akzo Pharma,a division of Akzo of the Netherlands.
If Organon successfully develops an oral contraceptive usingGynex's technology, Gynex will receive up to $275,000 forrights in the U.S. and up to $500,000 for international markets.If FDA approves the product for marketing, Gynex gets another$250,000 as an advance royalty payment.
This is the second license agreement for Gynex for thispatented technology, which uses a unique dosing regimen todeliver a variety of progestogens as oral contraceptives.
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