BioTime licenses Hextend, PentaLyte patents to Summit for manufacturing, marketing in China, Taiwan

By E. Janene Geiss

Philadelphia, April 10 - BioTime, Inc. said Monday that it has entered into a license agreement with Summit Pharmaceuticals International Corp. to develop Hextend and PentaLyte in China and Taiwan.

Summit has sublicensed to a pharmaceutical company the right to use its patents, trademarks and other proprietary information to manufacture and market the two drugs in those countries, according to a company news release.

Summit noted, however, that its sublicensee must obtain regulatory approval before Hextend and PentaLyte can be brought to the market in China and Taiwan.

Summit has agreed to pay BioTime the first milestone payment in the second quarter of 2006 as the initial consideration for the China and Taiwan license. BioTime also will be entitled to receive a share of the royalties and milestone payments payable to Summit by its sublicense, officials said.

"The addition of China and Taiwan is a logical expansion of our product development relationship with Summit, who is co-developing Hextend with Maruishi Pharmaceutical Co., Ltd. in Japan. It is also an important step in our plans for obtaining worldwide distribution of our products," Jeffrey B. Nickel, BioTime vice president of business development and marketing, said in the release.

BioTime is an Emeryville, Calif., biotechnology company that develops blood plasma volume expanders, blood replacement solutions for hypothermic surgery, organ preservation solutions and technology for use in surgery, emergency trauma treatment and other applications.

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