Dusa Pharmaceuticals Inc. (DUSA) said on Thursday that it has entered into a non-exclusive patent license agreement, under which it has granted rights to River's Edge Pharmaceuticals LLC for a vitamin-mineral product in the prescription market.
Under the deal, Dusa will receive a share of the net revenues generated by River's Edge. The one-year agreement is subject to an extension under certain terms and conditions and does not include a trademark license.
The company noted that it has licensed its product to River's Edge in light of the entry of generic products in the prescription market and Dusa's need to enforce its intellectual property rights while trying to avoid litigation.
Dusa, which previously sold its patented product in this market, now plans to sell its product under the dietary supplement rules as a result of discussions with the Food and Drug Administration.
The company also said that it has amended a settlement and mutual release with River's Edge, regarding a patent litigation, to accommodate the new patent license agreement.
DUSA is currently trading at $1.90, down 7 cents or 3.55%.
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