SafeScience, Barbara Ann Karmanos Cancer Institute, Wayne State University deal

SAFS received an exclusive worldwide license from the institute and the university to U.S. Patents Nos. 5,895,784 and 5,834,442 covering the use of modified citrus pectin to treat cancer. SAFS paid $300,000 upfront, and will pay an additional $1.6 million over 12 months, plus an additional $3 million upon reaching commercialization milestones. The institute and the university also received options to purchase 1.4 million shares at $1.15 each, and will receive a 2 percent royalty on net sales of GBC-590, a lectin inhibitor in Phase II trials to treat pancreatic and colorectal carcinoma. ...