Monday, March 31, 2008

Acusphere takes in $10M from microsphere license deal

Biotech firm Acusphere Inc. has licensed its drug-delivery technology for the treatment of cancer to biopharmaceutical company Cephalon Inc. for $10 million cash, according to executives.

Acusphere (Nasdaq: ACUS) said the license to Cephalon, which is based in Frazer, Pa., includes rights to its formulation of generic cancer drug paclitaxel. A company official added that the deal validates the firm's hydrophobic drug-delivery system in the field of oncology, or cancer treatment.

The technology licensed to Cephalon converts drugs that are difficult to dissolve in water into tiny particles contained in microspheres, intended to increase the effectiveness of the treatments.

Watertown-based Acusphere reported a 2007 net loss of $53.7 million on revenue of $2.7 million. The biotech has 118 employees.