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news.XTL Biopharmaceuticals has amended its licensing agreement with Presidio Pharmaceuticals for its preclinical program in hepatitis C focused on the NS5A target.
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Under the terms of the amended license agreement, XTL will receive an additional non-refundable payment of $2 million in return for reduction in future contingent payments.
Under the revised agreement, XTL will now receive up to $59 million upon reaching certain development and commercialization milestones, a reduced royalty on direct product sales by Presidio, and a lower percentage of Presidio’s income if the program is sublicensed by Presidio to a third party.
Ron Bentsur, CEO of XTL, said: “This transaction provides us with essential, non-dilutive capital as we head towards the completion and announcement of results from the Bicifadine Phase IIb study, expected in fourth quarter of 2008, while still preserving meaningful potential economics from our out-licensed preclinical hepatitis C program.”