Methylgene to receive equity investment from Otsuka Pharmaceutical

Business of Biotech

MethylGene Inc. (TSX: MYG) agreed to issue 3,686,182 common shares to Otsuka Pharmaceutical Co., Ltd. as part of a research collaboration and license agreement for the development of  small molecule kinase inhibitors for ocular diseases excluding cancer. Otsuka will acquire newly issued common shares of MethylGene at a purchase price of approximately $0.43 per share for gross proceeds of $1,500,000. In September 2009, MethylGene announced that Otsuka had extended the research portion of the collaboration for a six-month period ending March 2010 that will provide $625,000 in research funding.

Read the release.

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