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SciSparc would be entitled to receive consideration valued at $3 million in Polyrizon securities, as well as potential milestone fees of approximately $3 million in cash
TEL AVIV, Israel, Aug. 28, 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 finalized 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.
As announced on August 15, 2024, Polyrizon will receive exclusive, royalty-bearing global license to develop and sublicense the Assets. In exchange, SciSparc would be entitled to receive consideration valued at $3 million in Polyrizon securities, 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
