XTL Licenses Hepatitis C Program to Presidio

xtlbio.jpgXTL Biopharmaceuticals Ltd. is an Israeli company founded in 1993 that specializes in the acquisition, development and commercialization of therapeutics for the treatment of neuropathic pain and hepatitis C. It has just licensed its pre-clinical Hepatitis C program to San-Francisco based Presidio Pharmaceuticals Inc. which will now assume responsibility for all further R&D and commercialization costs.

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.

Ron Bentsur, XTL’s CEO: “We are excited about this licensing transaction with a motivated and capable partner such as Presidio. This transaction allows us to solidify our financial position by bringing in $4 million dollars in cash and eliminating the ongoing development expense of the Program, while preserving a significant share in the Program’s future success.”

Ram Waisbourd, VP of Business Development of XTL: “We have great confidence in Presidio’s ability to move the Program forward rapidly. We believe that Presidio has a dynamic and experienced management team, and a solid scientific team.”

XTL previously developed the Trimera technology which is a breakthrough in the creation of in vivo systems featuring functional human tissue.

For more info check out the press release.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: