Colgate Buys World Rights to Xytronyx Kit
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Xytronyx Inc. said Colgate-Palmolive Co. has exercised its option for exclusive worldwide distribution rights to a detection kit for periodontal disease that Xytronyx is developing. Xytronyx will receive $500,000 from Colgate-Palmolive when documentation is complete.
Colgate-Palmolive paid Xytronyx $300,000 last February for an option to the rights and will pay the company $600,000 more if the product receives market approval from the Food and Drug Administration.
Xytronyx retained the right to manufacture or subcontract the manufacture of the product.
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