VANCOUVER, British Columbia -- Quadra Logic TechnologiesInc. on Tuesday said it has amended its co-development anddistribution agreement with American Cyanamid Co. of Wayne,N.J., to ease the financial burden on Quadra.
The original December 1987 agreement called for Quadra topay all costs for the development of the cancer treatmentPhotofrin up to $25 million, after which the two companieswould split costs equally.
Quadra (NASDAQ:QLTIF) and Cyanamid (NYSE:ACY) have nowagreed to share equally all costs incurred after Jan. 1, 1991.However, QLT will repay the difference between what it hasspent so far (between $21 million and $23 million) and the $25million it was originally committed to spend from revenues onsales of Photofrin.
Cyanamid owns a 16 percent stake in Quadra. The companiesare jointly conducting Phase III clinical trials of Photofrin inNorth America, Europe and Japan.
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