NEW YORK (GenomeWeb News) - Gene Logic said today that it has signed a drug-repositioning agreement with Abbott that covers multiple clinical drug candidates that have passed Phase I human clinical trials.
Gene Logic said it stands to receive milestone payments for each new drug candidate that Abbott reenters into clinical development, as well as royalties for drug candidates that make it to market.
Gene Logic also will have the option to an exclusive license to any new drug candidate that Abbott chooses not to pursue. In such a case, Gene Logic would pay royalties to Abbott.
A Gene Logic spokeswoman said this open-ended agreement is the first such agreement it has entered with Abbott. Under its drug repositioning program, Gene Logic has partnerships with Pfizer, Roche, and other pharmaceutical companies.