Global Veterinary Health Company Executes Licensing Agreement to Advance Product Development
AspenBio Pharma, Inc., recently announced the execution of an exclusive worldwide license agreement with a major international health company, which will provide licensing and sub-licensing rights to AspenBio’s animal health portfolio.
AspenBio is slated to receive license fees totally approximately $1.0 million along with milestone payments totaling $2.0 million. These milestone payments are tied to regulatory achievements and specified development on licensed product sales. Another $2.0 in milestone payments is payable potentially under the agreement in conjunction with expanded development and commercialization efforts on behalf of the licensee.
Steve Lundy, President and CEO of AspenBio Pharma, shared, “The licensing of our animal health assets is a significant milestone in the ongoing transformation of AspenBio. Following the $12.2 million the company raised in June, this agreement provides additional cash infusion and enables us to concentrate our efforts and resources on our primary corporate objective – the clinical development and commercialization of AppyScore. Looking ahead, AspenBio expects to finalize its pre-IDE application with the FDA and commence clinical trials for AppyScore in the third quarter of 2012."
AspenBio Pharma, Inc. is an in-vitro diagnostic company. They focus on clinical development and commercialization of AppyScore, a blood-based test to assist in identifying patients at low risk for acute appendicitis. As a result, the goal is more conservative treatment planning.
Standard terms and conditions are a part of the agreement and include provisions for confidentiality, product development and regulatory requirements, indemnification, and all of which are to be conducted and funded by the licensee.
Further information about AspenBio Pharma and the AspenBio animal health portfolio may be ascertained by visiting www.aspenbiopharma.com and www.aspenbioinc.com/animal_health/index.html, respectively.
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