* Oscient's unit Guardian also files for Chapt 11
* Sells antibiotic Factive to Cornerstone for $5 mln
July 13 Oscient Pharmaceuticals Corp OSCI.O
on Monday filed for Chapter 11 bankruptcy protection and agreed
to sell its antibiotic drug Factive to a unit of Cornerstone
Therapeutics Inc CRTX.O for $5 million.
Oscient Pharma's unit Guardian II Acquisition Corp also
filed for Chapter 11 bankruptcy protection in the U.S.
Bankruptcy Court for the District of Massachusetts.
Oscient and Guardian are continuing to explore strategic
alternatives, including seeking a buyer for the high
blood-cholesterol drug Antara and other assets, Oscient said in
Oscient also expects its common stock to be de-listed from
Nasdaq effective July 21.
In a statement, Cornerstone Therapeutics said it agreed to
acquire the commercial rights to Factive, or gemifloxacin
mesylate, in North America and certain countries in Europe.
Factive is approved for the treatment of acute bacterial
exacerbations of chronic bronchitis and community-acquired
pneumonia of mild to moderate severity.
Oscient shares closed at 18 cents Monday on Nasdaq, while
those of Cornerstone closed at $7.49.
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(Reporting by Anand Basu in Bangalore; Editing by Ratul Ray