ACT Could See $1.9M From Korean Partner
Worcester-based Advanced Cell Technology Inc. could receive up to $1.9 million in fees as a result of a new licensing agreement with its Korean partner.
Under a new agreement, ACT has agreed to license certain retinal pigment stem cell technology to CHA Bio & Diostech Co. Ltd. for development and commercialization exclusively in Korea. CHA is also a stem cell company. ACT and CHA recently formed a joint venture focused on stem cell technology to treat a variety of eye diseases.
If all milestones are met, ACT stands to earn $1.9 million in fees. ACT has applied to the U.S. Food and Drug Administration to begin clinical testing of its retinal pigment stem cell technology during the second half of the year.
CHA will pay all fees associated with clinical trials expected to take place in Korea.
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