CVBT signs clinical development agreement with Cardio Neo-Genesis

The agreement states that Cardio Neo-Genesis (CNG) can fund up to $15 million of the clinical development for the company’s coronary heart disease (CHD) drug candidate. The agreement also provides for a royalty to CNG payable from 5% of CardioVascular BioTherapeutics’s (CVBT’s) cash-flow stream on its CHD drug up to 20 times return to CNG’s limited partners.

Mickael Flaa, CFO of CVBT’, said: “CVBT is currently utilizing clinical development agreements to fund and advance our drug development candidates. Given the stress in the financial markets at this time, we looked to the lessons of history for a strategy to finance CVBT’s drug development program.

“The clinical development arrangements that CVBT has entered into are similar in structure to those used successfully by Amgen, Genentech, Biogen, and others over 20 years ago to fund their drug development programs.”