Inc. (Altairnano) (NASDAQ: ALTI), a leading provider of energy storage systems
for clean, efficient power and energy management, today announced it has assigned
ownership of all patent rights associated with Renazorb and Renalan
to Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI). The patent assignment amends
and restates an existing, limited licensing agreement for Renazorb and
Renalan compounds to Spectrum Pharmaceuticals, which was announced in
January 2005. Spectrum Pharmaceuticals will now have exclusive worldwide rights
to Renazorb, Renalan, and any related compounds in any field of
Under terms of the agreement, Altairnano will receive $750,000 in Spectrum
Pharmaceuticals restricted common stock. In addition to the royalty and other
payments Altairnano was to receive under the prior license agreement Altairnano
will now receive 10% of any fees Spectrum Pharmaceuticals may receive from the
sublicensing of Renazorb, Renalan, and any related compounds.
Renazorb products were designed to support phosphate control in patients
with Chronic Kidney Disease, hyperphosphatemia, and high phosphate levels in
blood, associated with End Stage Renal Disease. The proprietary lanthanum nanomaterial
technology was developed by Altairnano to support the company's Life Sciences
division. In Q1 2009, Altairnano announced its intent to reduce resources and
the financial requirements necessary for supporting market applications associated
with the company's Life Sciences division.
"Altairnano is focused on designing, manufacturing, and selling power
and energy management systems to the utility, transportation, and military sectors,"
said Terry Copeland. "Today's announcement reflects this commitment, while
allowing Altairnano to recognize immediate value from research and patents associated
with our former Life Sciences division."
All patents associated with Renazorb and Renalan will be assigned
to Spectrum Pharmaceuticals. Spectrum Pharmaceuticals will assume responsibility
for ongoing maintenance and prosecution of the patents.