Aeolus gets $350,000 payment and equity interest from cardiovascular company

By Elaine Rigoli

Tampa, Fla., March 13 - Aeolus Pharmaceuticals, Inc. said it has received a milestone payment and equity consideration from ARCA Discovery, Inc., a privately held cardiovascular-focused company.

In 2003, CPEC, a limited liability company owned by Aeolus (35%) and Indevus Pharmaceuticals, Inc. (65%), out-licensed all rights to a potential therapeutic compound referred to as "bucindolol" to ARCA.

Both the cash payment and equity consideration received by Aeolus are based upon Aeolus' ownership interest in CPEC, and a renegotiation of certain terms of the 2003 agreement between CPEC and ARCA, according to a company news release.

"The cash payment from this milestone will be used to further the development of Aeolus' catalytic antioxidant technology. We are pleased to see progress in the development of bucindolol, a compound with potential for the treatment of heart failure," said Richard P. Burgoon Jr., Aeolus chief executive officer, in a statement.

Aeolus, based in San Diego, develops therapeutic agents based on its library of 200 proprietary small molecule catalytic antioxidants.

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