For exclusive license to market Technegas in United States
Jubilant Life Sciences announced that its wholly owned subsidiary, Jubilant DraxImage Inc. (DraxImage) has signed a term sheet, subject to satisfactory due diligence and execution of the Definitive Agreement and other necessary approvals, with Cyclopharm (CYC), providing DraxImage an exclusive license to market and distribute Technegas in the United States. Technegas is an imaging agent primarily used in Pulmonary Embolism (blockage of lung arteries) and is currently being sold in 55 countries including EU, Japan and Canada by CYC.DraxImage will assist CYC with the development and financing of the phase III clinical trials for Technegas, and any other steps required to file for and obtain USFDA approval. The primary commercial terms of the term sheet are as follows:
DraxImage will provide at risk up to US$ 4.5 Mn to fund the USFDA clinical trial currently under development with any additional costs to be funded by both parties equally.
Upon successful completion of the USFDA trial, DraxImage will be able to convert USFDA trial costs into CYC common stock up to a maximum of 15% of the total CYC shareholding.
DraxImage will pay CYC a 17.5% royalty on sale in addition to an agreed margin above the cost of goods sold.
Powered by Capital Market - Live News