AZEE COMPLETES AGREEMENT FOR INTELLECTUAL PROPERTY

Azee, a leader in developing DNA-binding drugs called small molecule anti-genomic therapeutics (SMATs), announced that it has completed a license and asset purchase agreement with Oscient Pharmaceuticals Corporation (Waltham, Mass.) to secure rights to certain intellectual property relating to the SMAT technology. In exchange for the license rights, Azee agreed to pay a royalty on products derived from the licensed technology and issued shares of common stock. In addition, Azee will have the right to acquire the licensed technology upon the later achievement of certain agreed upon milestones and payment of additional consideration.

BioSpace (http://www.biospace.com/news_story.cfm?StoryID=20496520&full=1)