Magen BioSciences Licenses Dermatology Assets from LillyWALTHAM, Mass.--(BUSINESS WIRE)--Jan 7, 2008 - Magen BioSciences, Inc., a privately held specialty pharmaceutical company focused on developing pharmaceuticals to treat diseases of the skin, announced today that it had acquired the rights to a series of novel pre-clinical compounds from Eli Lilly and Company (NYSE: LLY). Under the terms of the agreement, Magen has been granted the exclusive worldwide rights to develop and commercialize products based on these compounds for all dermatology applications. Other terms of the deal were not disclosed.
"This transaction marks a significant milestone in the growth of Magen to become a premier, science-based dermatology company," said Brian M. Gallagher, Ph.D., President and CEO. "We will leverage the prior research done by Lilly's scientists, and will dedicate our efforts to continue to advance these assets through the development process."
The licensed compounds have shown anti-inflammatory, and anti-proliferative activities in several preclinical models. These properties suggest a number of possible applications to treat common dermatological disorders.
About Magen BioSciences
Magen BioSciences was founded in 2006 by an outstanding group of scientists and investors to build a science-based dermatology company. The company is a research and development stage enterprise that acquires and develops novel and proprietary technologies and is headquartered in Waltham, Massachusetts.
For more information, visit www.MagenBiosciences.com
Magen BioSciences, Inc.
Kathryn Morris, 845-635-9828
Posted: January 2008