Broad, Editas in research funding deal

Editas Medicine Inc. (NASDAQ:EDIT) and the Broad Institute of MIT and Harvard entered into a sponsored research agreement in which the gene editing company will provide funding for the institute to "conduct research useful or relevant to genome editing in the field of genomic medicines for the prevention or treatment of human disease." Editas will have the exclusive first right of negotiation to IP that results from the deal.

Editas will issue to Broad Institute a $5 million promissory note by November and $7.5 million note in April 2019. The institute is eligible to receive up to a total of $125 million in funding...