PolyHeal, which is 41% owned by Clal Biotechnology Industries Ltd. (TASE: CBI), has signed a non-binding memorandum of understanding with a European pharmaceuticals company whereby PolyHeal will give the European company a global, exclusive license on its products.
PolyHeal produces treatments for slow healing and chronic wounds.
In exchange for the license, the European company undertakes to finance the continued development of PolyHeal2 up to the obtaining of CE approval, to pay PolyHeal royalties on sales of its products, and to make further payments to PolyHeal if it sells sub-licenses on PolyHeal's products.
Clal Biotechnology warns that no binding agreement has yet been signed, and that there is no certainty that negotiations with the European company will mature into a binding agreement or that a deal will be closed.
According to PolyHeal, its technology assists the body in restarting the natural healing process in cases of hard to heal wounds.
Published by Globes [online], Israel business news - www.globes-online.com - on September 28, 2014
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