Regeneus Ltd (ASX: RGS, “Regeneus”) today announced it has received notification that Kyocera Corporation (TYO:6971) has completed its due diligence process on its lead stem cell platform technology Progenza for treatment of Knee Osteoarthritis (Progenza OA).
What are the key highlights?
- Progenza OA has met Kyocera’s due diligence criteria and the completion of this phase progresses the non-binding Memorandum of Understanding (MOU) announced on 2 March.
- Pursuant to the terms of the MOU, the milestone triggers a payment of JPY100M (approx. A$1.5M). The payment is refundable if a definitive commercial license is not executed.
- Under the terms of the MOU, Kyocera now will have until the end of July 2020 for exclusive rights to negotiate a commercial license for Progenza OA in Japan.
For further details, please see the announcement linked below.