Alliance Pharmaceutical Corp., through its wholly owned subsidiary PFC Therapeutics, LLC, and LEO Pharma A/S have entered into a License Agreement, subject to continued due diligence by LEO, to develop and commercialize Oxygent in Europe (EU member countries, EU membership applicants, Norway and Switzerland) and Canada.

The terms of the License Agreement shall include certain initial and future payments to PFC upon the completion of various regulatory and commercial milestones for Oxygent development in Europe and royalties on commercial sales of Oxygent in Europe and Canada.

Alliance Pharmaceutical Corp, founded in 1989, is a development stage pharmaceutical company that is currently focused on developing its lead product, Oxygent. Alliance is currently the only company that has advanced a synthetic PFC emulsion-based oxygen therapeutic into late-stage multi-centre international clinical trials in both Europe and North America.

LEO Pharma A/S is one of the leading Danish research-based pharmaceutical companies.