$NBIO Nascent Biotech, Inc. (OTCQB:NBIO) ("Nasce
Post# of 102002
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The Agreement grants to BioRay exclusive rights to commercialize Nascent's monoclonal antibody, Pritumumab, in international markets, excluding North America and Central America. Under terms of the Agreement, Nascent will receive a total of USD $5,000,000 to be paid out at various stipulated milestones. The initial payment of USD $1,000,000 was received by Nascent on April 20, 2021.
This second payment of USD $750,000 was received by Nascent for entering the third cohort in Nascent's first Phase 1 clinical trial of Pritumumab.
A third payment of USD $2,500,000 will be received by Nascent upon approval from the FDA to conduct a Phase 2 clinical trial of Pritumumab. The final USD $750,000 payment will be received by Nascent upon the commencement of the Phase 2 clinical trial.
"There continue to be significant unmet medical needs across a variety of cancers," remarked Sean Carrick, CEO of Nascent Biotech. "We are highly encouraged by Pritumumab's potential as an innovative, first-in-class treatment candidate, and we are delighted to be working closely with BioRay in this collaboration."
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