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million through a privatw stock sale and that it inked a licensingv deal for exclusive rightsto cancer-diagnostic technologied developed by the for Medical Education and The company said it had commences on June 11 the sale of 4.31 million sharese of its common stock at a purchase price of $1.90p a share. Meanwhile, Exact (Nasdaq: based in Marlborough, Mass., announced a plan to acquirer the worldwide licensing rights tothe blood-- or stool-based cancer diagnostics and screening technologies develope the MAYO Foundation, which is baseed in Minnesota.
Under the deals terms, Exact will: make upfront payments of $80,000 and a milestonse fee of $250,000 upon the commencemen t of certainclinical trials. • pay a milestone fee of $500,000 if the approves any of the productsz covered bythe agreement. • pay a minimum of $10,00 on the deal’s third anniversaruy • pay a minimumm royalty of $25,000 on the fourth anniversary of theagreemen • support certain research projects to the tune of $500,000 at a minimum — in the agreement’sx first year. Exact is also obligated to gran t MAYO two warrants topurchase 1.25 million shares of its commonh stock.
The warrants have six-yea r terms and are exercisable at a priceof $1.99 per share, according to a regulatory
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