MultiCell Technologies (OTCPK: MCET) subsidiary MultiCell Immunotherapeutics enters into a research and development and product license agreement with Oxis Biotech (OTCQB: OXIS) to create three novel antibody-drug conjugates (ADCs) based on Oxis' lead drug candidates and MultiCell's proprietary ADC platform technology. The ADCs will be targeted for the treatment of triple-negative breast cancer and multiple myeloma and associated osteolytic lesions.
Under the terms of the agreement, Oxis will pay MultiCell a license fee of $500K, up to $12.75M in clinical development milestones and a royalty of 3% on net sales. Oxis will also reimburse MultiCell up to $1.125M in development costs. MultiCell grants Oxis an option to purchase manufacturing rights to the three ADCs upon the payment of an additional $10M.
MultiCell retains all rights to its ADC platform for all indications and is free to pursue its own drug development programs and to partner with other firms.
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