$NBIO VERO BEACH, FL / ACCESSWIRE / February 23, 2022 / Nascent Biotech, Inc. (OTCQB:NBIO) ("Nascent Biotech", "Nascent", or the "Company"
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, 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"
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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"
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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.