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Cellegy Acquires Vaxis Therapeutics Corp.(Cellegy Pharmaceuticals Inc.)
2001 DEC 27 - (NewsRx.com & NewsRx.net) -- Cellegy Pharmaceuticals, Inc., (CLGY) has acquired Vaxis Therapeutics Corp., a private Canadian company based in Kingston, Ontario. The transaction is valued at under $4.0 million payable primarily in Cellegy stock plus potential earn out payments over a seven-year period.
The acquisition achieves one of Cellegy's near-term goals of expanding its pipeline of products for the treatment of sexual dysfunction in males and females to complement Anogesic (nitroglycerin ointment) and its Tostrex/Tostrelle (transdermal testosterone gels) products. In June 2001, Cellegy filed an NDA relating to Anogesic for the treatment of anal fissures and the company expects to file an NDA for Tostrex for male hypogonadism during the first quarter of 2002.
In October 2001, following reports of positive results of a clinical trial conducted by Dr. Jennifer Berman at the UCLA Medical Center using nitroglycerin ointment for treating pain associated with vulvadynia, Cellegy announced its intention to begin a clinical development program using Anogesic to treat this and other highly prevalent conditions that cause sexual dysfunction in women. The acquisition of Vaxis provides Cellegy with issued U.S. patents covering nitroglycerin and other nitric oxide donors for the treatment of female sexual dysfunction (FSD) as well as a number of other conditions.
In addition to the FSD indication, the Vaxis product pipeline and patents consist of nitroglycerin and other nitric oxide donors for the treatment of peripheral vascular disorders, including: Raynaud disease, a painful disorder that afflicts 28 million people (most of them women) in the United States, but for which there is no satisfactory treatment; restless leg syndrome, a disorder that deprives 12 million Americans of adequate sleep and for which no effective therapy exists; and refractory male erectile dysfunction (MED), a difficult-to-treat condition that afflicts approximately one-third of all men with erectile problems and that is ...
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