Aurora19 Apr 2020 01:12
The Licensee is principally engaged in research and development, production and sales of innovative drugs, including oncology drugs, in China and is listed on the main market of the Shanghai Stock Exchange.Under the terms of the Agreement, the Licensee will fund all future development activities in relation to the Compounds and has been granted sole rights to market any resulting products worldwide.Sareum will receive an initial upfront payment of approximately £50,000. A further payment of approximately £0.9 million will be payable to Sareum if certain milestones related to the oral bioavailability of the Compounds are achieved within nine months from the date of the Agreement (the "Development Payment"). Sareum will assign certain patents in respect of the Compounds to the Licensee upon receipt of the Development Payment. The Agreement may be terminated with immediate effect if Sareum does not receive the Development Payment within nine months of the date of the Agreement.Sareum will also be entitled to receive a future milestone payment in the event that an Investigational New Drug or equivalent application is made in China or any other country.Under the Agreement, Sareum is also eligible to receive certain revenues from the commercialisation of the products by the Licensee outside of China. In addition, Sareum would be eligible to receive commercialisation revenues relating to their commercialisation should the Licensee execute an on-licence of the Compounds and resulting products to a third party.Since all research and development expenditure is written off as it occurs, in line with standard industry practise, the Compounds covered by the Agreement are held at nil value on Sareum's balance sheet.Only a take on this, with an aurora flt3+ being in the list of molecules scanned across a million of other molecules, that is being investigated to treat/vaccinate against covid, with many soldiers as willing volunteers, with possibly no trial stoppage, my thoughts are we are in the covid race already with Chinese support.Love peace and harmony.