NeoRx Corporation announced that it received a $500,000 payment from Boston Scientific Corporation. The payment relates to an agreement under which NeoRx sold and transferred to Boston Scientific certain NeoRx assets and intellectual property, including a portfolio of NeoRx patents and patent applications in the cardiovascular field. The two companies entered into the agreement in April 2003, at which time NeoRx received a $9 million upfront cash payment.
"This payment to NeoRx, which follows our recently completed private placement of $15.7 million of convertible preferred stock, further improves the company's balance sheet as we prepare to open the phase III study for our lead product candidate, STR, in the first quarter of this year," said Jack Bowman, chairman and chief executive officer of NeoRx.
NeoRx is a cancer therapeutics company developing products for targeted delivery of anti-cancer agents, including radiopharmaceuticals, to tumor sites.