Altair Nanotechnologies and Spectrum Pharmaceuticals Agree to Settlement
|Altairnano and Spectrum Pharmaceuticals Look Forward to Continued Partnership|
Altair Nanotechnologies, Inc. (NASDAQ: ALTI), announced today it will receive 100,000 shares of Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) stock for a milestone payment and an additional 40,000 shares for product development improvements, with a total approximate value of $550,000, following a mutually agreed upon resolution to arbitration proceedings involving the two companies. Altairnano and Spectrum Pharmaceuticals will continue efforts to move the RenaZorb product technology to market quickly.
Under a January 2005 licensing agreement, Altairnano granted Spectrum Pharmaceuticals exclusive worldwide rights to develop, market and sell Altairnano's RenaZorb(TM) product line for human therapeutic and diagnostic applications. Altairnano's RenaZorb product targets the existing market for the treatment of patients with Chronic Kidney Disease (CKD), hyperphosphatemia and a range of other kidney disorders.
ABOUT ALTAIR NANOTECHNOLOGIES INC.
Altairnano is an innovator and supplier of advanced ceramic nanomaterials. With a skilled team of scientists in its 100,000 square foot facility who, coupled in collaborative ventures with industry partners and leading academic centers, have developed a unique portfolio of intellectual property and novel products. These researchers are complemented by a seasoned management team with substantial experience in commercializing innovative, disruptive technologies.
Altairnano focuses on nanotechnology applications to enable new high-growth markets. In alternative energy Altairnano is pioneering new battery materials and systems. The company is applying nanotechnology to the development of drug candidates for humans and companion animals, coatings materials for implants, and materials for dental applications. Its high performance nanomaterials have applications in paints, coatings, and the treatment of water and air. The Altairnano Hydrochloride Pigment process, the first new patented pigment process in 50 years, is an environmentally friendly method for manufacturing white pigment used in paints, paper and plastic. For additional information visit www.altairnano.com.