Ambrilia Biopharma, ZBx Extends License Option Agreement

Ambrilia Biopharma has extended the license option agreement with ZBx that granted ZBx the worldwide rights to develop, manufacture and commercialise Ambrilia’s PSP94 technology in ZBx’s zap rapid test system and assays.

The terms of the extension provide an additional period ending on May 31, 2010 as per the company. During this period, ZBx intends to have completed a third party evaluation of Ambrilia’s PSP94 technology in the detection of prostate cancer and to advance the adaptation of the PSP94 technology to the ZAP rapid test system and other testing systems for commercial exploitation.

The company said that at any time during the extended 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 $3.6m with the achievement of all development and commercialisation milestones.

In addition, Ambrilia would be entitled to royalties on sales, as well as a percentage share of any sublicense proceeds. ZBx will cover all costs associated with the evaluation and future costs associated with the further development, manufacturing and commercialisation.