re: announcement.increased t/o Buyers keen ...a reminder of why that is...
PolyNovo in partnership, licensing with Medtronic
By RWE Australian Business News, 24 Jan 2006
Sydney - Tuesday - January 24: (RWE Aust Business News) - Xceed Biotechnology Ltd (ASX:XBL) subsidiary PolyNovo Biomaterials has a partnering agreement with Medtronic Inc for the development, supply and commercialisation of PolyNovo's NovoSorb for the prevention and treatment of cardiac and vascular disease.
Biodegradable stents and stent coatings are forecast to be the next generation products that will supersede existing stents.
The commercial elements include milestone payments to Medtronic and a royalty on sales of future licensed products.
Medtronic has agreed to subscribe up to $US2 million in equity in PolyNovo based on achieving certain clinical milestones.
Xceed will immediately invest $3m into PolyNovo, increasing its shareholding to 60pc with CSIRO holding the remainder.
Xceed has ben granted an option by PolyNovo to invest a further $2m at various prices for a two-year period.
The Xceed investment will trigger CSIRO to assign all its NovoSorb intellectual property to PolyNovo, which had been previously subject to an exclusive licence arrangement.
XBL
xceed biotechnology ltd
announcement, page-34
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