$NBIO Nascent Biotech, Inc. (OTCQB:NBIO) ("Nascent Biotech", "Nascent", or the "Company"
, a clinical-stage biotechnology Company pioneering the development of monoclonal antibodies targeting treatment of various cancers and viral infections, is pleased to announce that the Company has received a payment totaling USD $750,000 from BioRay Pharmaceutical, Ltd. ("BioRay" in association with the Licensing Agreement established between the two companies in May 2021. This payment represents the Second Payment stipulated in the Licensing Agreement (the "Agreement".
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."
, a clinical-stage biotechnology Company pioneering the development of monoclonal antibodies targeting treatment of various cancers and viral infections, is pleased to announce that the Company has received a payment totaling USD $750,000 from BioRay Pharmaceutical, Ltd. ("BioRay" in association with the Licensing Agreement established between the two companies in May 2021. This payment represents the Second Payment stipulated in the Licensing Agreement (the "Agreement". 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."
