Critical Therapeutics signs licensing deal for asthma drug

May 22 (Reuters) - Critical Therapeutics Inc. (CRTX.O) said it entered into an agreement with specialty pharmaceutical company CyDex on May 16 for the clinical development and marketing of the injectable formulation of its asthma drug Zileuton.

Under the license and supply agreement, Critical Therapeutics paid CyDex an initial license fee of $50,000, the company said in a filing with the U.S. Securities and Exchange Commission.

The company has also agreed to make aggregate milestone payments of up to $2.9 million to CyDex.

CyDex has been given a worldwide, exclusive license to develop and sell Zileuton combined with or formulated using Captisol, its patented drug enablement technology.

Captisol improves the solubility, stability and delivery of drug compounds.

CyDex also granted Critical Therapeutics worldwide, non-exclusive license to utilize its toxicology, safety and other relevant scientific data relating to Captisol.

Critical Therapeutics shares rose 3 percent to $2.40 in morning trade on the Nasdaq. (Reporting by Himani Sarkar in Bangalore)