Altair Nanotechnologies, 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 use.
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.