Cardax Pharmaceuticals, BASF Form Agreement

Cardax Pharmaceuticals, Inc., Honolulu, HI, has entered into a joint development and supply agreement with BASF Ludwigshafen, Germany. The agreement calls for BASF to exclusively manufacture a specialized form of astaxanthin, a key intermediate used to make Cardax’s proprietary pharmaceutical compound Xancor for cardiovascular inflammatory disease. BASF will produce this material according to cGMP standards and in sufficient quantity for pre-clinical, clinical and eventual commercial use. Also part of the agreement, Cardax has granted BASF an option to a royalty-bearing license for nutraceutical use of the specialized form of astaxanthin. All pharmaceutical applications of Xancor remain the property of Cardax.