(Alliance News) - Shares in Circassia Pharmaceuticals PLC dropped on Thursday after it received an agreement termination notice from BeyondAir Inc, on the grounds of material breach.
Shares in Circassia were 9.2% lower at 18.98 pence per share on Thursday morning in London.
BeyondAir is a clinical-stage medical device and biopharmaceutical company, which uses nitric oxide to treat respiratory and other diseases.
The licensing agreement concerned was for the commercial rights to the late-stage ventilator-compatible nitric oxide product LungFit PH in the US and China.
Circassia refuted the allegations "in the strongest terms" and said it would "enforce its rights under the agreement and defend its position vigorously".
By Ife Taiwo; ifetaiwo@alliancenews.com
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