Magen BioSciences, Inc., a privately held specialty pharmaceutical company, had acquired the rights to a series of novel pre-clinical compounds from Eli Lilly and Company.

Under the terms of the agreement, Magen has been granted the exclusive worldwide rights to develop and commercialize products based on these compounds for all dermatology applications. Other terms of the deal were not disclosed.

"This transaction marks a significant milestone in the growth of Magen to become a premier, science-based dermatology company," said Brian M. Gallagher, Ph.D., president and CEO. "We will leverage the prior research done by Lilly's scientists, and will dedicate our efforts to continue to advance these assets through the development process."

The licensed compounds have shown anti-inflammatory, and anti-proliferative activities in several preclinical models. These properties suggest a number of possible applications to treat common dermatological disorders.

Magen BioSciences is a research and development stage enterprise that acquires and develops novel and proprietary technologies and is headquartered in Waltham, Massachusetts.