The development candidate is an extended release formulation of low dose glucagon for the prevention of insulin-induced hypoglycemia in patients with diabetes. Terms of the agreement include an undisclosed signing fee, development milestones, future royalties on product sales and a share of any potential DiObex sublicensing revenues.
David Cory, CEO of DiObex, said: “This license agreement and development program reflects our commitment to deliver an extended release form of low dose glucagon to the market for the prevention of insulin-induced hypoglycemia.”