XTL Biopharmaceuticals (XTLB) Announces Licensing of its Pre-Clinical Program in Hepatitis C to Presidio
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XTL Biopharmaceuticals Ltd. (Nasdaq: XTLB) announced the licensing of its pre-clinical program in Hepatitis C focused on the NS5A target to San-Francisco based Presidio Pharmaceuticals, Inc. Presidio is a private biotechnology company focused on the development and commercialization of anti-viral therapeutics.
Presidio's scientific team is headed by Dr. Richard Colonno, who until recently was Vice President of Infectious Disease Drug Discovery at Bristol-Myers Squibb (NYSE: BMY), where he was responsible for Bristol-Myers Squibb's antiviral drug discovery efforts, including their Hepatitis C and B and HIV programs.
Under the license agreement, Presidio becomes responsible for all further development and commercialization activities and costs relating to the Program. XTL will receive an upfront payment of $4 million, and up to an additional $104 million upon reaching certain development and commercialization milestones. In addition, XTL will receive a royalty on direct product sales by Presidio, and a percentage of Presidio's income if the Program is sublicensed by Presidio to a third party.[SM]
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