Worcester biomed firm inks license agreement
Worcester-based Biomedical Research Models Inc. has entered an exclusive license agreement with Rockville, MD-based Neuralstem Inc. for the development of Neuralstem compounds to treat certain cognitive and neurological impacts of diabetes.
The agreement includes annual license fees until product commercialization; milestone payments upon the completion of agreed-upon clinical goals, which could total approximately $38 million for each licensed product that is approved by the FDA; as well as royalties on ensuing products.
Biomedical Research Models will play the role of a partner in the relationship, helping to move the results of Neuralstem's drug discovery program forward. The Worcester firm is already focused on developing novel drug therapies for the treatment of diabetes.
Biomedical Research Models Inc. is a privately-held company, and was recently awarded a five-year contract with the National Institutes of Diabetes Digestive and Kidney Diseases to develop new therapies in the prevention of type 1 diabetes.
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