Alliance Pharmaceutical Corp, through its wholly owned subsidiary PFC Therapeutics, LLC, and IL Yang Pharmaceutical Co., Ltd announced the signing of a licensing, development and marketing agreement between PFC Therapeutics and IL Yang, granting IL Yang exclusive rights to distribute and commercialize Oxygent in South Korea.

IL Yang is one of the top Korean pharmaceutical R&D and marketing companies. Oxygent (perflubron emulsion) is a patent-protected, stable, and concentrated perfluorochemical (PFC)-based synthetic oxygen therapeutic developed by Alliance, which has been evaluated in late-stage clinical studies for avoidance of red blood cell transfusions during surgery.

Under terms of the agreement, IL Yang will have the exclusive right to promote, market, distribute and sell Oxygent throughout South Korea. PFC Therapeutics will be responsible for commercial supply of Oxygent, which IL Yang will purchase from PFC, and PFC will receive a royalty from IL Yang on sales of Oxygent following commercialization in South Korea. IL Yang will also make certain future payments to PFC on the completion of various regulatory milestones for Oxygent development in Europe and the United States.

Cosmo USA, Inc. a medical industry consulting company served an integral role in bringing the two companies together for this unique partnership.

PFC Therapeutics retains exclusive rights to Oxygent in the U.S. and for the rest of the world (excluding South Korea and Europe). For Europe, Alliance announced on April 5, 2004 the signing of a collaboration agreement between PFC Therapeutics and Nycomed, a leading European pharmaceutical company based in Denmark, for Nycomed to assume responsibility for the remaining clinical and regulatory development and future marketing to commercialize Oxygent throughout a broad European territory (and a potential option to acquire rights for China).