Navidea signs licensing agreement with Alseres
Navidea Biopharmaceuticals has entered into a licensing agreement with Alseres Pharmaceuticals for [123I]-E-IACFT Injection (CFT).
The [123I]-E-IACFT Injection (CFT) is an Iodine-123 radiolabeled imaging agent being developed as an aid in the diagnosis of Parkinson's disease and other movement disorders, with a potential use as a diagnostic aid in dementia.
Navidea president and CEO Mark Pykett said the diagnostic dilemma in movement disorders remains a pressing medical need that will continue to escalate as the world's population ages.
"The addition of the CFT program is consistent with our growth strategy to build our precision radiopharmaceutical pipeline with later-stage, high-value diagnostics aimed at important medical needs," Pykett added.
As per the agreement, Alseres granted Navidea an exclusive, worldwide sub-license to research, develop and commercialize CFT. Alseres will earn one-time sub-license execution payment equal to $175,000 and 300,000 shares of NAVB common stock.
The license agreement also provides for contingent milestone payments of up to $2.9m, $2.5m of which will principally occur at the time of product registration or upon commercial sales, and the issuance of up to an additional 1.15 million shares of Navidea stock, 950,000 shares of which are issuable at the time of product registration or upon commercial sales.