RE: £1m for exclusive rights12 Jun 2024 09:07
Like I said before the trivial fool showed up
They paid for an exclusive research license. So they have negotiated terms which typically have the following format, first exclusive research license, then a success fee if the company moves forward (typically higher than the research license fee) and then milestones as it progresses. These are all preagreed. So in 7 months we will know.
The option to license (non research but a regular one) comes after the success fee. Most companies want this after the initial successful evaluation, but depending on how much money scancell asked for it may have exit clauses (for example a go/no go after phase 1) in which case, scancell collects all the milestones up until that point, and gets the rights back.
The idea that the 7 months came up because it is the end of the year is a brainfart. Scancell simply did not want to have it reserved for too long and they agreed on the minimum time to evaluate which more or less amounts to about 2 serial in vivo experiment batches + the time it takes to analyse t cell activation etc after culling the mice.