Advancis drops on ended Pulsys deal

On Tuesday, AVNC was down $4.53 (62%) to $2.75 on 2 million shares after partner GlaxoSmithKline (LSE:GSK; GSK) said it will end the companies' deal to develop Augmentin amoxicillin/clavulanate antibiotic products using AVNC's Pulsys drug delivery technology. The termination is effective Dec. 15. To date, AVNC has received $8 million out of a potential $107 million, which included a $5 million upfront payment and $102 million in development and sales milestones under the 2003 deal. As of Sept. 30, AVNC had $36.5 million in cash. AVNC said it plans to seek another partner. ...