Phylogica enters licensing agreement with PhoreMost
Australian peptide drug discovery company Phylogica (ASX: PYC) has entered into a licensing agreement with privately-held UK-based biotechnology company PhoreMost.
Phylogica will grant PhoreMost a worldwide non-exclusive license to use certain Phylomer libraries for phenotypic screening to identify targets in diseases such as cancer, and to identify and develop small molecule drugs against these targets. The license includes conditions to cap the number of similar phenotypic deals Phylogica may enter into during an 18-month option period. Phylogica will retain commercial rights to exploit any Phylomer peptides identified in the screens for therapeutic purposes.
As consideration for the license, Phylogica will obtain a 7.5% equity stake in PhoreMost along with non-exclusive rights to commercialize any functional Phylomer peptides and associated disease targets identified by PhoreMost.
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