According to the terms of the deal, Natac, through its subsidiary Natac Research, has consented to offer the services of senior research scientists and the associated laboratory facilities, located at the Universidad Autonoma de Madrid, to Caleco. Natac’s alliance with the Universidad Autonoma de Madrid, one of continental Europe’s biotech research facilities, provides it with access to around 1,200 sqmt of laboratory facilities.
Natac said that the lab facilities are specifically oriented toward the identification, isolation, extraction and standardization of biologically active compounds from plants and oils, which is concurrent with the company’s business plan to develop health and wellness products derived from plants and oils into OTC supplements, dermatologic products and prescription drugs.
John Boschert, CEO of Caleco, said: “Securing the use of these facilities is the first of many steps in the implementation of our new business plan. In addition to the state-of-the-art laboratory, we are obtaining the services of some of the leading minds in pharmacognosy.
“Further, the lab also includes pilot plant production lines that will help us test the commercial scalability of our formulations. This represents a prudent use of our capital that is expected to bolster our new product pipeline and should facilitate us in bringing products to market in as short of a time frame as is prudent.”
The closure of the agreement is anticipated to happen on or before March 19, 2010 and is contingent upon certain customary conditions, including: the closing of a research and licensing agreement whereby the company will acquire an exclusive license to certain probiotic strains for the countries located in North and South America; and the closing of an exclusive licensing agreement whereby an exclusive license to certain health related products for the countries located in the above continents, will be taken over by the company.