Medgenics signs Factor VIII Licence Agreement (0600B)
11 February 2011 - 6:00PM
UK Regulatory
TIDMMEDG TIDMMEDU
RNS Number : 0600B
Medgenics Inc
11 February 2011
Medgenics, Inc.
("Medgenics" or the "Company")
Medgenics Signs Exclusive License Agreement
For Key VariantS of factor viii
Misgav, Israel and London, UK - 11 February 2011 - Medgenics,
Inc. (AIM: MEDG, MEDU), the company that has developed a novel
technology for the manufacture and delivery of therapeutic proteins
continuously in patients using their own tissue, announces that, on
10 February 2011, it signed an exclusive worldwide license with the
Regents of the University of Michigan of patent rights relating to
certain uses of variants of clotting Factor VIII developed by
Professor Randall Kaufman of the University of Michigan, a leading
authority on Factor VIII. The variants of Factor VIII being
licensed have been reported by various researchers to have greater
production and delivery performance to the blood circulation
compared with standard forms of Factor VIII.
Medgenics is actively developing a unique technology called
HEMADURE - a Biopump producing Factor VIII intended for use in
hemophilic patients. As previously announced, the Company has
developed Biopumps that produce active Factor VIII and is
continuing to collaborate with Baxter Healthcare to improve the
Biopump performance to reach Factor VIII levels projected to be
clinically useful.
Medgenics intends to use the variants of Factor VIII licensed
from the Regents of the University of Michigan to determine whether
it can increase Factor VIII production from the HEMADURE Biopump.
In ongoing laboratory studies, the Company has demonstrated
significantly greater Factor VIII production from Biopumps
utilizing one of these licensed variants. These studies are
continuing.
The market for injected Factor VIII was approximately US $4.0
billion in 2009 (La Merie Business Intelligence, R&D Pipeline,
Top 20 Biologics 2009 (March 10, 2010)).
The License Agreement covers a portfolio of 2 issued and 3
pending patents and requires the Company to pay an initial license
fee of $25 000 to the Regents of the University of Michigan, as
well as continuing annual license fees, milestone payments of US
$750,000 (in aggregate) related to the progress of research and
development, of which US $400 000 will be recoupable against
royalties, patent maintenance costs, royalties ranging between 2%
and 5% and sublicense fees ranging between 4% and 6%. The exclusive
worldwide license will expire upon the expiration of the last to
expire of the patent rights licensed in 2026.
For further information, contact:
Medgenics, Inc. Phone: +972 4 902 8900
Dr. Andrew L. Pearlman
------------------------------------- ------------------------
Religare Capital Markets (Nominated Phone: +44 20 7444 0800
Adviser)
James Pinner
Derek Crowhurst
------------------------------------- ------------------------
SVS Securities plc (Joint Broker) Phone: +44 20 7638 5600
Ian Callaway
------------------------------------- ------------------------
Nomura Code Securities PLC (Joint Phone: +44 20 7776 1219
Broker)
Jon Senior
------------------------------------- ------------------------
De Facto Communications Phone: +44 20 7861 3838
Mike Wort
Anna Dunphy
------------------------------------- ------------------------
Grayling (Investment Relations - US) Phone: +1 646 284 9472
Leslie Wolf-Creutzfeldt
------------------------------------- ------------------------
<ENDS>
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