12:01 PM EST - Biovail Corp. : said its subsidiary has acquired certain AMPAKINE compounds, including associated intellectual property, from Cortex Pharmaceuticals, Inc. for use in the field of respiratory depression, a brain-mediated breathing disorder. Under the terms of the asset purchase agreement, BLS has paid an upfront fee of $9 million, expects to pay an additional $1 million upon the completion of a transition period, and could pay up to $15 million in potential milestones contingent on the successful demonstration of the utility of an intravenous formulation of CX717 in treating respiratory depression, the successful completion of a Phase 3 clinical program using an AMPAKINE) compound and approval from the U.S. Food and Drug Administration or FDA. Biovail Corp.
shares T.BVF are trading up $0.02 at $16.78.
