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Exclusive License Option Agreement with Teva Pharmaceutical, BioTime (Amex: BTIM)

BTIM’s Cell Cure Neurosciences and Hadasit Bio-Holdings have  entered into an exclusive license option agreement with Teva Pharmaceutical Industries to develop and commercialize Cell Cure’s OpRegenTM product for the treatment of age-related macular degeneration (NASDAQ:AMD).

  • OpRegenTM is a proprietary formulation of embryonic stem cell-derived retinal pigment epithelial cells designed by Cell Cure;
  • The ongoing development of OpRegenTM by Cell Cure is funded through equity investments by BioTime, Teva and Hadasit Bio Holdings;
  • Additional non-dilutive funding for the development of OpRegenTM has been provided by the Office of the Chief Scientist of the Ministry of Industry, Trade and Labor of the State of Israel;
  • Subject to the terms of the agreement, if Teva exercises its option to obtain an exclusive license to OpRegenTM, Teva will have responsibility for funding clinical trials from that point on, obtaining regulatory approvals and marketing the product;
  • Cell Cure will be entitled to receive milestone payments and royalties if certain development, regulatory and commercial milestones are achieved.

A portion of the milestone payments and royalties received by Cell Cure would be shared with BTIM’s subsidiary ES Cell International Pte Ltd. and with HBL’s affiliate Hadasit Medical Research Services and Development Ltd., the technology transfer arm of the Hadassah Medical Organization (“HMO”), which has licensed to Cell Cure certain patents and technology used in the development of OpRegenTM.