Pharma group Proteome Sciences has granted a non-exclusive licence to UK firm Randox Laboratories for its portfolio of stroke biomarkers.
Under the terms of the agreement Randox will develop products for early diagnosis of stroke and subsequent monitoring of treatment outcomes.
Proteome will earn a seven-digit figure (in dollars) from the development milestones, as well as double digit royalties on sales.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chief Operating Officer of Proteome Sciences, Dr Ian Pike, said: "Randox's track record of new product introductions has been impressive and we see their testing platforms as an ideal setting for rapid stroke diagnosis."
His colleague, Chief Executive Christopher Pearce, added: "The stroke biomarkers licensed to Randox have the ability to transform the way a stroke is managed and ensure that considerably more patients receive treatment early. This will reduce the levels of disability, lower the cost of care and improve patient outcomes. We are delighted that the importance of our proprietary biomarkers is being properly recognised in diagnostics and drug development."
Proteome's share price rose 6.38% yo 37.50p by 11:49.
NR
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
