Acrux-Organon partnership dropped
Friday, 15 August, 2008
Acrux [ASX: ACR] has announced that projects it had been developing with Dutch pharma Organon have been cancelled after Organon's new owners Schering-Plough pulled the plug.
Acrux and Organon had been collaborating on a transdermal spray that was to add an undisclosed Organon proprietary drug to Acrux's contraceptive spray technology.
Acrux had already delivered on the first stage of the project, developing spray formulations for testing in clinical trials, and had been given $1 million in non-refundable payments on signing the collaboration agreement.
According to Acrux representatives, the decision has had no effect on the company's funding.
Acrux's own contraceptive spray development remains on track, with commercialisation expected to begin next year for several products.
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