Heraeus Medical and BioTime's subsidiary OrthoCyte have entered into exclusive development and worldwide licensing agreements.
Here are five key notes:
1. The agreements cover the development of bone grafting therapies based on the use of BioTime's proprietary PureStem human embryonic progenitor cell technology.
2. Under the terms of the development agreement, Heraeus Medical will make an initial $1 million upfront payment to OrthoCyte, and additional payments upon OrthoCyte's attainment of certain product development milestones.
3. OrthoCyte will be responsible for product development and initially for manufacturing.
4. Heraeus Medical will be responsible for worldwide sales of new and existing products.
5. Pursuant to the terms of the license agreement, OrthoCyte has licensed certain technology to Heraeus, and Heraeus has licensed certain technology to OrthoCyte.