Heraeus Medical GmbH and BioTime Subsidiary OrthoCyte Corporation Enter Into Exclusive Worldwide Development and Licensing AgreementsDevelopment and Licensing Agreement • September 30th, 2015 • Biotime Inc • Biological products, (no disgnostic substances)
HANAU, Germany & ALAMEDA, Calif.--(BUSINESS WIRE)--September 30, 2015--Heraeus Medical GmbH, one of the leading companies in the field of bone cement and biomaterials for elective orthopedic and trauma surgery, and BioTime, Inc. (NYSE MKT and TASE: BTX), a clinical-stage regenerative medicine company focused on its pluripotent stem cell technology, today announced that BioTime’s subsidiary OrthoCyte Corporation and Heraeus Medical have entered into exclusive development and worldwide licensing agreements for the development of innovative bone grafting therapies based on the use of BioTime’s proprietary PureStem® human embryonic progenitor cell technology. Under the terms of the development agreement, Heraeus Medical would make an initial $1 million USD upfront payment to OrthoCyte, and additional payments upon OrthoCyte’s attainment of certain product development milestones, and Heraeus will fund all ongoing product development activities through IND submission.
