CytRx RheothRx agreement with Wellcome will pay 15% royalties; Wellcome has paid $9 mil. to date.
CYTRX TO RECEIVE 15% "OFF THE TOP" OF RHEOTHRx SALES by Burroughs Wellcome under a licensing agreement signed in April 1990 for the adjunct to thrombolytic therapy post-MI, CytRx President and CEO Jack Luchese told a Raymond James healthcare conference in St. Petersburg, Fla. March 8. "Wellcome will supply its own materials in the U.S.," he noted. "Our third-party royalties are modest, so we will retain about 93% of everything we collect." Sales outside the U.S. will provide a 10% royalty to the Norcross, Ga. biotech firm.
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