Dec 18 (Reuters) - Biopharmaceutical company Avigen Inc AVGN.O said it sold all rights to its early-stage blood coagulation compound for $7 million to Baxter Healthcare Corp BAX.N, boosting its shares 64 percent.
Avigen Chief Executive Kenneth Chahine said it was the company’s goal to move the compound to a better-resourced company as the compound was outside Avigen’s focus on neurology.
The company is also in the process of partnering its experimental treatment for neuropathic pain and drug addiction, Chahine said.
Avigen’s experimental treatment for spasticity associated with multiple sclerosis had failed in mid-stage studies, in October. In November, Avigen said it would cut more than 70 percent of its workforce as a part of restructuring.
Baxter makes blood therapy products, including blood-thinner Heparin, apart from making intravenous medication pumps and renal products.
Avigen shares, which have lost more than three-fourths of their value so far this year, were up 39 cents at $1 in trading before the bell. (Reporting by Vidya L Nathan in Bangalore; Editing by Pratish Narayanan)
Our Standards: The Thomson Reuters Trust Principles.