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Cumberland Pharmaceuticals and Gloria Pharmaceuticals invest $1 million each in Cumberland Emerging Technologies.
Cumberland Pharmaceuticals and Gloria Pharmaceuticals reported a joint R&D initiative. Each company has made a $1 million investment in Cumberland Emerging Technologies (CET), which is majority owned by Cumberland and partners with academic research centers to develop biopharmaceutical technologies. The new funds will be used to accelerate development of CET's pipeline of new product candidates from Vanderbilt University and other regional research centers.
CET was established by Cumberland Pharmaceuticals, Vanderbilt University, and the state of Tennessee to support the development of biopharmaceutical product candidates. Gloria will have the first opportunity to negotiate a license to CET products for China, and Cumberland will retain access to CET's product rights for the rest of the world.
Source: Cumberland Pharmaceuticals