The patents will give Can-Fite the ability to develop the next generation of some of its drugs under development.
Biotechnology firm Can-Fite BioPharma Ltd. (TASE:CFBI) has expanded its development pipeline with the signing of a patent licensing agreement for the purchase of patent rights from Leyden University in the Netherlands. Leyden University, which has ties with the US National Institutes of Health (NIH). The agreement applies to both the university and the NIH and is valid through the patent period, or unless one of the parties terminates it.
Can-Fite will make a one-time licensing payment of €25,000 (NIS 137,000) for the patent rights, and will pay €10,000 (NIS 55,000) in royalties by the start of clinical trials. The company will also pay royalties of 2-3% on the net sales of products that fall within the purview of the patent, up to €850,000. These payments are subject to meeting milestones of licensing products based on the patent.
The patents include allosteric (shape changing proteins) compounds for new generation drugs, which will give Can-Fite the ability to develop the next generation of some of its drugs under development.
Published by Globes [online], Israel business news - www.globes-online.com - on July 28, 2009
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