NEW YORK, July 11 – Genzyme Diagnostics no longer has first offer rights to future technologies developed by Syn-X Pharma, following an agreement that resolves previous disputes between the two companies.
In a statement issued on Tuesday, Genzyme and Syn-X announced that Genzyme would continue to develop a stroke panel called NeuroTrak, while Syn-X would retain rights to future royalty payments based on product sales.
Genzyme, however, is no longer obligated to make financial obligations to Syn-X and no longer has special rights to the Canadian proteomics company’s technology.
"The new agreement is a win-win situation," Sean McNicholas, CEO of SYN-X, said in a statement. "It allows Genzyme to continue to develop the stroke technology and SYN-X the opportunity to focus on accelerating the development of our pipeline products."
Genzyme Diagnostics said it expected to complete clinical trials of the new stroke panel in 2003.
Genzyme Diagnostics of Cambridge, Mass., is a business unit of Genzyme General. Syn-X is based in Mississauga, Ontario. It has developed the Proteomics Discovery Platform, a technology that can be used to identify drug targets as well as to develop specialized antibody-based diagnostics.