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Medexus Completes Agreement to Return US Commercialization Rights for Gleolan to NX Development Corp.
Toronto, Ontario and Chicago, Illinois--(Newsfile Corp. - March 14, 2025) - Medexus Pharmaceutica...
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"Medexus Completes Agreement to Return US Commercialization Rights for Gleolan to NX Development Corp.Toronto, Ontario and Chicago, Illinois--(Newsfile Corp. - March 14, 2025) - Medexus Pharmaceuticals (TSX: MDP) (OTCQX: MEDXF) recently completed an agreement with NX Development Corp., the licensor of Medexus's rights to Gleolan® in the United States, to terminate the license, supply, and distribution agreement between the parties and return responsibility for Gleolan® in the United States to NXDC as of a date no later than March 31, 2025. Under the terms of the termination agreement, Medexus will receive an agreed per-unit amount on units of Gleolan® sold by NXDC through June 30, 2025 that approximates the product's past per-unit contribution to Medexus during the term of the now-terminated agreement, which will reduce Medexus's royalty payment to NXDC for fiscal year 2025, due in June 2025.\"We are pleased to have successfully arrived at a mutually acceptable arrangement regarding transition of responsibility for Gleolan® in the United States,\" said Ken d'Entremont, Medexus's Chief Executive Officer. \"We view this outcome as fair to Medexus and its stakeholders without compromising future availability of Gleolan® for the eligible patients who need it. We wish the NXDC team all the best in their future endeavors with this product.\"Additional information about the terms of the agreements discussed in this news release, including copies of the relevant documents, is or will be included in the company's filings on SEDAR+ at www.sedarplus.ca. The summary in this news release is qualified by reference to the terms of each such document as applicable.About MedexusMedexus is a leading specialty pharmaceutical company with a strong North American commercial platform and a growing portfolio of innovative and rare disease treatment solutions. Medexus's current focus is on the therapeutic areas of hematology-oncology and allergy, dermatology, and rheumatology. For more information about Medexus and its product portfolio, please see the company's corporate website at www.medexus.com and its filings on SEDAR+ at www.sedarplus.ca.ContactsKen d'Entremont | CEO, Medexus PharmaceuticalsTel: 905-676-0003 | Email: [email protected] Buschman | CFO, Medexus PharmaceuticalsTel: 416-577-6216 | Email: brendon...