Receives A$1.6M Milestone Payment from Kyocera
Sydney, Mar 20, 2020 AEST (ABN Newswire) - Regeneus Ltd (
ASX:RGS), a clinical-stage regenerative medicine company, Today received a non-refundable milestone payment of 100,000,000 JPY (approx. A$1.6M) from Kyocera Corporation (TYO:6971) as set out in the non-binding Memorandum of Understanding (MOU) signed on 2 March 2020.
As announced to the market, the MOU gives Kyocera exclusive negotiation rights to Progenza for treatment of Knee Osteoarthritis (Progenza OA) in Japan. A further 100M JPY is payable from Kyocera upon Progenza meeting due diligence criteria. This second milestone payment is refundable if an agreement is not executed.
Kyocera has commenced their comprehensive due diligence for Progenza and this has progressed positively.
Following the due diligence period, Kyocera will have until the end of July 2020 for exclusive rights to negotiate and enter into a commercial licence for Progenza in Japan.
CEO and Executive Director Leo Lee said, "We are pleased to see the MOU timeline progress positively and receive this milestone payment. We will continue to support Kyocera during their due diligence process for Progenza and look forward to updating the market on this front."
About Regeneus Ltd
Regeneus Ltd (ASX:RGS) is a Sydney-based clinical-stage regenerative medicine company using stem cell technologies to develop a portfolio of novel cell-based therapies. The regenerative therapies seek to address unmet medical needs in human health markets, focusing on neuropathic pain, including osteoarthritis and various skin conditions, with its platform technologies Progenza(TM) and Sygenus. Visit www.regeneus.com.au for more information.
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