Medicis Pharmaceutical Corp. said Wednesday that it hasagreed to license to Deprenyl Research Ltd. three non-dermatological products in the U.S., Canada and several othercountries. The agreements will consist of an undisclosedcombination of up-front payments and royalties. Theagreement is the third licensing deal between the twocompanies, New York-based Medicis said.
Medicis also said that it will use a combination of cashpayments and proceeds from exercised Class D and E warrantsto reduce its long-term indebtedness from $11.7 million as ofMarch 31 to $4 million. Net cash payments to note holderswere $4.65 million, the company said. Medicis said it raisedabout $3 million from the exercise of 7.1 million warrants.
(c) 1997 American Health Consultants. All rights reserved.