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news.Ambrilia Biopharma, a biotechnology company, has signed an exclusive license option agreement with ZBx Corporation, a developer of rapid diagnostic platforms and assays, granting ZBx the worldwide rights to develop, manufacture and commercialize Ambrilia's PSP94 technology in ZBx's Zap rapid test systems and assays.
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Under the terms of the agreement ZBx is entitled to a nine-month exclusive evaluation period to determine the feasibility of incorporating Ambrilia’s PSP94 technology for prostate cancer into ZBx’s Zap rapid test systems and assays.
At any time during this evaluation period ZBx is entitled to exercise its option to an exclusive license upon which Ambrilia would be eligible to receive up to a total of $3.62 million with the achievement of all development and commercialization milestone payments.
In addition, Ambrilia would be entitled to royalties on sales as well as a percentage share from any sublicenses. ZBx will cover all costs associated with the evaluation period and future costs associated with the further development, manufacturing and commercialization. No additional financial details were disclosed.
Philippe Calais, president and CEO of Ambrilia Biopharma, said: We have previously demonstrated the clinical utility of our PSP94 biomarker both in a diagnostic and prognostic setting using a conventional immunoassay approach and look forward to seeing PSP94 integrated into ZBx’s novel ZAP rapid test platform.