(MENAFN- ProactiveInvestors) (TSE:GUD) a Canadian specialty pharmaceutical company entered a strategic partnership with NeurAxon Inc. a clinical stage research company for the commercialization of certain of that company’s products in Canada Israel South Africa and Russia.
Knight will pay about C$1.75 million cash and provide further development funding the Montreal Quebec-based company said in a statement today.
A new company will be formed called NeurAxon Pharma Inc. which will own the pharmaceuticals for all markets except those countries and will continue the development of the clinical portfolio.
“We believe that NeurAxon's NOS [nitric oxide synthase] assets will find a profitable niche and we look forward to participating in the growth of NeurAxon Pharma for the benefit of patients and shareholders" Jonathan Ross Goodman Knight’s chief executive officer of Knight said in the statement.
is focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and world markets.
Shares of which began trading on TSX-V on March 3 2014 and graduated to TSX on April 29 2014 jumped 1.2 percent to C$7.00.
"We are delighted to be able to secure the opportunity to continue the development of our novel NOS compounds” Dr. John Andrews president of NeurAxon said.
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