Neurobiological Technologies Receives $1.1 Million Royalty
Neurobiological Technologies said that it received a $1.1 million royalty payment from partner Merz Pharmaceuticals GmbH for sales of Memantine, a drug used to treat moderate-to-severe Alzheimer's disease. The sales occurred in the first quarter of 2005. Neurobiological Technologies CEO Paul Freiman said in a statement that the payment was the first royalty payment to exceed $1 million under the marketing agreement with Merz. The Richmond biotechnology company will use the money to fund two experimental treatments the company is studying in late-stage clinical trials, according to Freiman.
East Bay Business Times