Oxford Biomedica Amends License Pact With Cancer Research Technology

18th Jun 2010 07:15

LONDON (Dow Jones)--Oxford Biomedica PLC (OXB.LN), a gene therapy company, said Friday it has signed an amendment to its license agreement with Cancer Research Technology, or CRT, covering the use and exploitation of the 5T4 antigen used in TroVax, Oxford BioMedica's therapeutic cancer vaccine, clarifying the timing of royalty payments due to CRT. MAIN FACTS: -Under the amended agreement, royalty payments that had been due to CRT relating to amounts received under the sanofi-aventis TroVax agreement will now be settled, but payment will be staged according to agreed TroVax commercial and clinical milestones. -An initial cash payment of GBP100,000 will be made to CRT, together with the issue of Oxford BioMedica shares valued at GBP185,316. -The balance of the royalty payable to CRT in respect of the sanofi-aventis TroVax receipts will become payable when specified future commercial and clinical milestone events occur. -Oxford BioMedica will issue 1.81 million new ordinary shares at GBP0.1025 pence per share. -Shares closed Thursday at 10.25 pence valuing the company at GBP55.66 million. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires June 18, 2010 02:15 ET (06:15 GMT)