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BioTime (NYSEMKT: BTX) and Heraeus Medical GmbH enter development and licensing agreement.

September 30, 2015 8:57am

BTX closed at $2.91, any news is what news again?

Heraeus Medical GmbH and BioTime's subsidiary OrthoCyte Corporation have entered into exclusive development and worldwide licensing agreements for the development of innovative bone grafting therapies based on the use of BTX’s OrthoCyte PureStem human embryonic progenitor cell technology.

The Bottom Line: An IND is more than a bit far away, but the $1 M helps to start the deal. Heraeus Medical would make an initial $1 M upfront payment to OrthoCyte, and additional payments upon OrthoCyte's attainment of certain product development milestones, and Heraeus will fund all ongoing product development activities through IND submission.

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