- WPD Pharmaceuticals (WBIO) has entered into an amended sublicense agreement with Moleculin for certain intellectual property rights
- These intellectual property rights include Moleculin’s Annamycin, WP1066 and WP1122 portfolios to research, develop, manufacture, use, import, offer and sell products
- WPD agreed that it must use commercially reasonable efforts to develop and commercialize products in the territories
- Moleculin Biotech, Inc. is a clinical-stage pharmaceutical company focused on the development of a broad portfolio of oncology drug candidates
- WPD Pharmaceuticals Inc. (WBIO) is down 1.72 per cent and is trading at C$0.28 at 12:07 pm ET
WPD Pharmaceuticals Inc. (WBIO) has entered into an amended and restated sublicense agreement with Moleculin Biotech Inc.
On March 22, 2021, WPD entered into the amendment of its February 2019 sublicense from Moleculin of certain intellectual property rights.
These intellectual property rights include Moleculin’s Annamycin, WP1066 and WP1122 portfolios to research, develop, manufacture, use, import, offer and sell products derived from these portfolios in the field of human therapeutics in 29 countries, including some countries in Europe.
WPD agreed that it must use commercially reasonable efforts to develop and commercialize Products in the Territories.
The term “commercially reasonable efforts” has been amended to mean expenditure by WPD of at least USD$2,500,000 during the first 4 years of the agreement on the research, development and commercialization of products and at least USD$1,000,000 in each of the 4 years thereafter.
WPD also will pay to Moleculin a royalty on products sold.
The amendment extends the period of time in which WPD has to expend the research, development and commercialization costs to 8 years from February 2019 and increases the amounts required to be spent over that longer period.
It also provides a process to extend the period time further, if necessary.
Mariusz Olejniczak, CEO of WPD, commented, “We are very pleased with the amendments to our sublicense agreement with Moleculin. The extension of time for us to make the necessary expenditures and to keep our sublicense in good standing allows us to properly prepare our development plans and to raise additional funds.”
“As well, having a longer time frame means that there may be further developments on these important drug candidate portfolios that we can build on to progress towards commercialization,” concluded Olejniczak.
Moleculin Biotech, Inc. is a clinical-stage pharmaceutical company focused on the development of a broad portfolio of oncology drug candidates for the treatment of highly resistant tumours and viruses.
WPD Pharmaceuticals Inc. (WBIO) is down 1.72 per cent and is trading at C$0.28 at 12:07 pm ET.
