- HYC750 out-licensed to Orcrist -
Toronto Stock Exchange Symbol: MS
EDMONTON, May 9 /PRNewswire-FirstCall/ - BioMS Medical Corp (TSX: MS), a leading developer in the treatment of multiple sclerosis (MS), today announced an update on its pipeline products, HYC750 and development with BioCyDex Inc.
The Company has entered into a Royalty and Assignment Agreement with Orcrist Bio. Inc. for HYC750, a technology based on hyaluronic acid that has a number of potential therapeutic uses and is being developed as a treatment for the side effects of chemotherapy.
BioMS held an exclusive worldwide license to HYC750 from the University of Alberta. As a result of the Royalty and Assignment Agreement, BioMS has terminated its license with the University of Alberta and the University has entered into a direct license with Orcrist. BioMS will assign all BioMS owned patents relating to HYC750 and transfer all HYC750 assets to Orcrist. Under the terms of the agreement, BioMS will receive certain milestone payments in addition to a royalty on net sales of products which otherwise would have infringed on patents related to the HYC750 technology.
"This asset purchase from BioMS and the exclusive worldwide license with the University of Alberta for the HYC750 technology and product provides Orcrist with a near clinical stage asset. We are excited about the progress BioMS has made with this product over the past few years and look forward to advancing it into the clinic and positioning it for lucrative markets and underserved clinical indications," commented Orcrist's President and CEO, Mr. Gary Voncina.
BioMS also reported it is ceasing its development activities with respect to BioCyDex. Future development or licensing activities will be the responsibility of BioCyDex.
"These developments allow BioMS to retain its primary focus on
advancing our lead multiple sclerosis technology, MBP8298, in partner
|SOURCE BioMS Medical Corp.|
Copyright©2008 PR Newswire.
All rights reserved