Generex Gets $10M Licensing Fee
Canada-based Generex Biotechnology, which has operations in Worcester, has licensed its RapidMist drug delivery technology to a California biotech firm for $10 million.
Generex will be paid $5 million in common stock from Amarantus BioSciences Inc., which is based in Sunnyvale, Calif. Amarantus is developing a protein-based therapy for Parkinson's disease.
Amarantus will pay the remaining amount in a three-year promissory note.
As part of the deal, Generex and Amarantus also agreed to jointly study other uses of the RapidMist drug delivery technology in the diabetes field. Generex has committed $5 million for the next three years to the study.
Amarantus will have authority to use the RapidMist technology in a variety of fields, except for diabetes. Generex specializes in oral drug delivery systems and is in a Phase III clinical trial for its Oral-lyn insulin-spray product.
Generex owns Antigen Express, which is based in Worcester; earlier this year Generex announced intentions to spin Antigen off into its own company.
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