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The Board of Henderson Morley plc ("Henderson Morley" or "the Company"), the AIM listed Drug Discovery Company, announces that it has today signed a term sheet with an un-named dermatological pharmaceutical company based in the United States of America for a potential licensing deal between the two companies.
The term sheet, which contains certain binding clauses, including a lock-out period, gives both parties 90 days to complete a licence which will be granted by Henderson Morley for the topical patch formulation of its Ionic Contra Viral Therapy ("ICVT") technology P1723. It is expected that the technology will be used to produce products ("Licensed Products") for the treatment of all non-genital warts, including plantar warts or verrucae, and seborrhoeic keratoses in humans, a wart-like skin condition which is common in the elderly.
The term sheet also states that the licence territory ("Territory") will cover the United States of America, Canada and Mexico and that the licensee will fund and use all reasonable efforts to bring the Licensed Products to market through a programme which includes the preclinical and clinical development of the treatment including research and development, manufacture, laboratory and clinical testing, and marketing of the Licensed Products.
Upon signing a licence, Henderson Morley will be entitled to receive a series of substantial milestone, development and commercialisation payments during the programme referred to above. Details of these payments will be given at that time.
Commenting on the announcement, Andrew Knight, chairman of Henderson Morley said: "The granting of this licence will be a major step forward for the Company. Once the licence has been signed, we will be in a position to give shareholders details of the milestone and other payments which the Company will receive, demonstrating the importance of this agreement. Furthermore, we believe it will set the parameters from which to secure further licences for other applications of the technology. |
