Knee osteoarthritis treatment delivers Regeneus a A$1.6M milestone payment
Sydney-based clinical-stage regenerative medicine company, Regeneus Ltd (ASX:RGS) today received a non-refundable milestone payment of ¥100,000,000 (approx. A$1.6M) from Kyocera Corporation (TYO:6971).
The payment was made in regards to a non-binding Memorandum of Understanding (MOU) that Regeneus signed with Kyocera on 2 March 2020. The MOU gives Kyocera exclusive negotiation rights to Regeneus’ Progenza platform technology for treatment of Knee Osteoarthritis (Progenza OA) in Japan.
A further ¥100M is payable from Kyocera upon Progenza meeting due diligence criteria. This second milestone payment is refundable if an agreement is not executed.
Regeneus is using stem cell technologies to develop a portfolio of novel cell-based therapies to address unmet medical needs in human health markets with a focus on neuropathic pain, including osteoarthritis and various skin conditions, with its platform technologies Progenza and Sygenus.
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.
Regeneus 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.”
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
Publishers Notice
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.
