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Article: COCENSYS AND SEARLE TO COLLABORATE ON DEVELOPMENT/MARKETING OF NOVEL INSOMNIA TREATMENT
- Article from:
- PR Newswire
- Article date:
- May 21, 1996
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Copyright informationCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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IRVINE, Calif., May 21 /PRNewswire/ -- An agreement to co-develop and co-promote a novel treatment for insomnia - an affliction that affects more than a third of all American adults - was announced today by CoCensys, Inc. (Nasdaq: COCN) and Searle, a wholly owned subsidiary of Monsanto Company (MTC).
Under the deal, Searle will make an up-front payment of $10 million for CoCensys' lead sleep-promoting compound, called CCD 3693, along with its back-up molecules. The up-front payment includes a $3 million licensing fee and a $7 million equity investment in preferred stock convertible to common stock. With the licensing fee, milestone payments and Searle's share of the ...
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