Navidea Biopharmaceuticals has signed an agreement with Alseres Pharmaceuticals to license its iodine-123 radiolabeled agent, which is being developed to help diagnose Parkinson's disease and other movement disorders, with a potential use as a diagnostic aid in dementia.
The agreement adds a second neuroimaging candidate to Navidea's pipeline, according to the firm. Under the terms of the deal, Alseres granted Navidea an exclusive, worldwide sublicense to research, develop, and commercialize the agent. Navidea will make a one-time sublicense execution payment to Alseres of $175,000 and issue 300,000 shares of Navidea common stock.
The license agreement also provides for contingent milestone payments of up to $2.9 million, $2.5 million of which will principally occur at the time of product registration or upon commercial sales, and the issuance of up to an additional 1.15 million shares of Navidea stock, 950,000 shares of which are issuable at the time of product registration or upon commercial sales.
The license terms also anticipate royalties on annual net sales of the approved product.
