Prostate Cancer Treatment Developer Receives $500K Licensing Fee, 12.5% Ongoing Royalty
Prostate cancer treatment developer MabCure, Inc. signed a $500,000 licensing agreement with Biotech Investment Corp., a Nevada-based biotechnology investment company, MabCure announced via press release.
In addition to receiving $500,000, Biotech will also issue to MabCure 15 percent of its outstanding shares on a fully diluted basis and will pay a royalty of 12.5 percent on revenues, the press release states.
MabCure is a leading developer of antibody-based diagnostics and treatments for both prostate and ovarian cancer. MabCure's antibodies are aimed at prostate cancer markers and may have the potential for yielding an accurate diagnosis of prostate cancer, the press release states.
According to the press release, Dr. Amnon Gonenne, CEO of MabCure, said: "This is a very exciting deal for MabCure and its shareholders. It demonstrates the confidence of our investors (Biotech) in our technology and the early proof of concept attained with our antibodies for the diagnosis of ovarian cancer. The license fee will mainly be used to further the development and testing of our hybridoma clones for the diagnosis of ovarian cancer. We look forward to working with Biotech on developing the prostate cancer diagnostic test and are excited about the parallel development and testing of our antibodies for the detection and treatment of two forms of cancer."