Medical Discoveries, Eucodis to co-develop topical breast-cancer treatment

By Elaine Rigoli

Tampa, Fla., Aug. 3 - Medical Discoveries, Inc. and Eucodis announced a licensing agreement for Medical Discoveries' formestane cream, a topical steroidal treatment for breast cancer.

The agreement provides Eucodis exclusive European development rights in exchange for an upfront license fee and milestone payments totaling about $2.5 million. Eucodis maintains responsibility for costs associated with the phase 2 trial, which is set to begin in 2007.

The companies said data collected from these trials will meet the requirements for submission to the Food and Drug Administration and the European Medicines Agency.

At the conclusion of the trial, a steering committee comprised of representatives from both companies will determine the clinical and commercial roadmap for the phase 3 trial and international commercial launch.

In the event Medical Discoveries and Eucodis jointly conduct the phase 3 trial, each company will share equal responsibility for the costs incurred.

If Eucodis maintains commercial rights for the European Union or if formestane cream is out-licensed, Medical Discoveries will receive a royalty package.

"We are delighted to have Eucodis as a partner to facilitate clinical development. The Eucodis team's sense of urgency, drive and extensive European connections will be invaluable as we proceed together through the next phases of the drug's development," Medical Discoveries' president and chief executive officer Judy Robinett said in a news release.

Eucodis is a biotechnology company and is based in Vienna, Austria.

Medical Discoveries is a biopharmaceutical company based in Salt Lake City.

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