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SciSparc will receive consideration in shares, and in addition may receive cash payments and fees if certain development milestones are met
TEL AVIV, Israel, Aug. 16, 2024 (GLOBE NEWSWIRE) -- SciSparc Ltd. (NASDAQ:SPRC) ("Company" or "SciSparc"), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system, announced that it has signed an Exclusive Patent License Agreement (the "License Agreement") with Polyrizon Ltd. ("Polyrizon") for the out-licensing of its SCI-160 program (the "Assets") for the treatment of pain.
According to the License Agreement, Polyrizon will receive exclusive, royalty-bearing global license to develop and sublicense the Assets. In exchange, SciSparc would be entitled to receive consideration in the form of Polyrizon securities valued at $3 million, as well as potentially milestone fees of approximately $3 million in cash, if certain development milestones will be met, as well as royalties.
Posted In: SPRC
