Irvine-based Spectrum Pharmaceuticals Inc. agreed to grant stock worth $550,000 to Reno, Nev.-based Altair Nanotechnologies Inc. to resolve a licensing dispute between the drug developers, Altair said Wednesday.
Spectrum agreed to give 140,000 shares to Altair, which said it was owed 100,000 shares as a milestone payment for Spectrum’s commercialization of Altair’s RenaZorb treatment for kidney disorders.
Another 40,000 shares were granted to Altair for product improvements. Shares of Spectrum were unchanged at $4.08 on Wednesday.
Spectrum has global rights to develop, market and sell Altair’s RenaZorb treatment, according to a licensing agreement signed in early 2005.
