iCo offered US$32 million in drug licensing deal
Vancouver’s iCo Therapeutics Inc. (TSX-V:ICO) said Wednesday it could receive up to US$32 million in milestone payments from an Israel company that is receiving certain development and commercialization rights to one of iCo’s drug candidates.
iCo granted Immune Pharmaceuticals an option to an exclusive license for the development and commercialization rights to use iCo-008 for treating inflammatory bowel disease and severe asthma.
The deal could potentially provide iCo with an additional means of financing its own trials of iCo-008 for use as an eye treatment.
iCo’s main focus is on advancing its lead program, iCo-007, into phase 2 trials for the treatment of a Diabetes-related eye disease.
Immune Pharma is paying iCo an option fee that will be credited upon conversion against an upfront license fee payment of US$1 million.
In addition to milestone payments, iCo could receive royalties on net sales of products developed by Immune.
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