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Local Tech Wire

CARY, N.C. – (Nasdaq: CRTX) has received court approval for the $5 million purchase of rights to an antibiotic drug from bankrupt Oscient Pharmaceuticals.

Cornerstone will receive rights to sell the drug in North America and some countries in Europe. Cornerstone also will acquire inventory of the drug at a price that is yet to be determined and also will pay royalties.

The drug, called, Factive treats chronic bronchitis.

Factive produced some $16 million in 2009. It is covered by patents through 2018, Cornerstone said.

Oscient is based in Waltham, Mass.