Threshold licenses cancer drug to Eleison
Threshold Pharmaceuticals licenses cancer drug candidate to Eleison Pharmaceuticals
- On 10:41 am EDT, Thursday October 15, 2009
REDWOOD CITY, Calif. (AP) -- Threshold Pharmaceuticals Inc. will license its pancreatic cancer drug candidate glufosfamide to Eleison Pharmaceuticals Inc., the companies said Thursday.
Financial details of the licensing deal were not disclosed.
Princeton, N.J.-based Eleison will have exclusive worldwide rights to the drug, which has moved into late-stage development. Eleison is responsible for the development, manufacturing and marketing of glufosfamide. Both companies will share in profits.
Threshold initially licensed the drug candidate from Baxter in 2003.
Shares of Threshold rose 17 cents, or 5.1 percent, to $3.50 in morning trading. The stock has traded between 34 cents and $3.87 over the last 52 weeks.
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