TAIHO TO MARKET PHOENIX DRUG

TAIHO TO MARKET PHOENIX DRUG

Phoenix Advanced Technology Inc. had licensed Taiho Pharmaceutical Co., of Tokyo to market Px, an anti-inflammatory and cytroprotective agent, in Japan pending further testing of the product.

Under the terms of the agreement, Taiho will have 90 days in which to test Px. In the event that Taiho wishes to license the product, Phoenix Advanced Technology will receive $1 million. The company has earmarked $600,000 of that amount for further Px research while the balance will be paid to the limited partners and the general partner.Phoenix obtains the rights to new products, either patented or in the inception stage, and carries these through to the prototype stage. The company also licenses or forms joint ventures with other companies to manufacture and market the products.