NantWorks, Prometic deal
ProMetic and NantWork's NantPharma LLC company formed newco NantPro BioSciences LLC to develop and commercialize in the U.S. a plasma-derived product for an undisclosed indication. ProMetic granted the newco exclusive rights to its plasma protein purification system (PPPS) and prion reduction technologies to develop and commercialize the product in the U.S. ProMetic has grant-back rights to the product outside the U.S. and NantPro would be eligible for royalties from ProMetic on ex-U.S. sales.
ProMetic received $2.5 million from NantPro for the rights to ProMetic's technology. NantPro received the $2.5 million from NantPharma, which has the right to provide additional funding to NantPro in exchange for an increased equity stake. NantPro will use any additional funding to pay ProMetic for the development and manufacturing costs. ProMetic will manufacture the product at its Laval facility, including cGMP bulk active batches to enable IND-filing and provide product for bioequivalence trials. ...