StockMarketWire.com - Biopharmaceutical group Hemogenyx Pharmaceuticals signed a licence agreement with biopharmaceutical company Eli Lilly for an exclusive worldwide licence to certain intellectual property developed by Lilly related to a CDX's antibody to treat acute myeloid leukemia and other blood cancers.

Following an earlier agreement between Lilly and the company, Lilly carried out work in 'developing and validating CDX and thus created IP of its own, which the Hemogenyx needs to further develop and exploit CDX,' the company said.

Under the Agreement, the company has agreed to make an up-front payment to Lilly of US$250,000.

The agreement also provides for milestone payments to Lilly of up to US$1 million through to phase II clinical trials.

Lilly would also be eligible to receive substantial additional milestone payments based on the achievement of prespecified clinical, regulatory, and commercial milestones upon reaching certain minimum sales, as well as tiered royalties on sales.

In addition, the company would also pay Lilly a percentage of any cash payments received in respect of any sub-licence of the licensed intellectual property.






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