NeoTherapeutics Forms Drug-Developing Unit

NeoTherapeutics Inc. said Wednesday that it has formed a new unit, NeoGene Technologies Inc., to develop drugs discovered through its functional genomics venture with UC Irvine.

Two months ago, NeoTherapeutics said it would provide $900,000 to the university’s research team over the next three years to fund continued research on neurotransmitters and their receptors in the brain.

In a press release Wednesday, the company said the new unit will implement the commercial applications and strategic partnerships resulting from the collaborative research between the two parties.

The biopharmaceutical company said the venture provides it with the option for the exclusive rights to the research that stems from the findings of the university research team.