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Mr. James Disher reports
Advectus Life Sciences has acquired an option from Immune Network Ltd. which, if exercised, would give the company an exclusive worldwide interest in a new nanotechnology-based formulation for the treatment of Alzheimer`s disease based on compositions that penetrate the blood-brain barrier with existing drugs.
Under the terms of the agreement executed today, Advectus will commence development and commercialization work on the new nano-pharmaceutical product upon satisfactory completion of its due diligence process. Advectus will pay option fees over a period of up to six months of due diligence, at any time during which it may enter into a worldwide exclusive licence on the joint technology. The terms of the licence agreement include an up-front licensing fee of $100,000, a milestone payment of $100,000 upon first clinical trial commencement, and in cash or equity $5-million upon first marketing approval.
The collaborative and licensing agreement will initially focus on a product leveraging Immune Network`s phase 2 clinical trial results in Alzheimer`s disease. Preliminary evidence suggests that certain nano-pharmaceutical formulations may improve the potency and safety of dapsone for Alzheimer`s disease, an existing drug which is FDA-approved for other indications.