The Food and Drug Administration approved the new drugapplication for Actinex, a topical treatment developed by BlockDrug Co. and Chemex Pharmacuticals Inc. for pre-malignantlesions of the skin, cause by overexposure to the sun and bythe aging process (actinic keratoses). The companies received aletter from the FDA announcing the approval on Tuesday.
Block acquired Actinex from Chemex in June 1990 will begin tomarket the drug through Reed & Carnrick, its ethicalpharmaceutical division, as soon as possible.
Chemex of Fort Lee, N.J.will receive a $3 million milestonepayment from Block as part of a purchase agreement betweenthem. It will also receive a $2 million milestone payment uponthe first commercial sale of the drug, as well as ongoingworldwide royalties.
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