In return for the license, Colby will pay to Juvaris cash, development-related milestones and royalties on product sales.
In addition, Colby will bear all development and commercialization-related expenses and support certain ongoing expenses and assume certain liabilities of Juvaris.
Juvaris CEO Grant Pickering said the company is pleased with the Colby agreement and also with the progress made by other alliance partner, Bayer, as they progress the CLDC technology toward commercialization in the field of animal health.
"Colby will commercialize JVRS-100-based products in the field of human health. With both deals consummated, we will transition Juvaris into virtual mode to capture the value generated by our two licensees’ ongoing development efforts," Pickering said.
Colby CEO David Zarling said JVRS-100 can be synergistic with Colby’s small molecule drugs that modulate-signal transduction, -inflammation or -immune suppression.