5th Oct 2015 12:14
LONDON (Alliance News) - Pharmaceutical services company Ergomed PLC on Monday said it has agreed to increase its co-development contribution to its joint venture with CEL-SCI Corp on the latter's phase 3 head and neck cancer trial.
Under the terms of the new agreement, Ergomed's contribution to the study will increase to USD12 million from USD10 million. The contribution will go towards the cost of performing clinical services in the phase 3 study, in exchange for a single-digit percentage of milestone and royalty payments up to a certain amount.
"At this point in the clinical trial we have decided to increase our investment in the development of Multikine, as we believe that it holds the potential to treat head and neck cancer in a new way. Our potential returns from this agreement will increase in line with our investment," said Ergomed Chief Executive Miroslav Reljanovic.
Ergomed shares were untraded on Monday, having last traded at 169.25 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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