Milestone Payment is the Second of Four in $5M Pritumumab Licensing Deal
VERO BEACH, FL / ACCESSWIRE / February 23, 2022 / Nascent Biotech, Inc. (OTCQB:NBIO) ("Nascent Biotech", "Nascent", or the "Company"), a clinical-stage biotechnology Company pioneering the development of monoclonal antibodies targeting treatment of various cancers and viral infections, is pleased to announce that the Company has received a payment totaling USD $750,000 from BioRay Pharmaceutical, Ltd. ("BioRay") in association with the Licensing Agreement established between the two companies in May 2021. This payment represents the Second Payment stipulated in the Licensing Agreement (the "Agreement").
The Agreement grants to BioRay exclusive rights to commercialize Nascent's monoclonal antibody, Pritumumab, in international markets, excluding North America and Central America. Under terms of the Agreement, Nascent will receive a total of USD $5,000,000 to be paid out at various stipulated milestones. The initial payment of USD $1,000,000 was received by Nascent on April 20, 2021.
This second payment of USD $750,000 was received by Nascent for entering the third cohort in Nascent's first Phase 1 clinical trial of Pritumumab.
A third payment of USD $2,500,000 will be received by Nascent upon approval from the FDA to conduct a Phase 2 clinical trial of Pritumumab. The final USD $750,000 payment will be received by Nascent upon the commencement of the Phase 2 clinical trial.
"There continue to be significant unmet medical needs across a variety of cancers," remarked Sean Carrick, CEO of Nascent Biotech. "We are highly encouraged by Pritumumab's potential as an innovative, first-in-class treatment candidate, and we are delighted to be working closely with BioRay in this collaboration."
About Nascent Biotech Inc
Nascent Biotech, Inc. (OTCQB:NBIO) is a clinical-stage biotech company pioneering the development of monoclonal antibodies to be used in the treatment of various cancers helping millions of people worldwide. Its products are not yet commercially available. The Company's lead candidate, Pritumumab (PTB), is a monoclonal Antibody (Mab) that is being studied in Phase I clinical trials for the treatment of Brain Cancer.
For further information please visit our website www.nascentbiotech.com.
Safe Harbor:
Statements in this press release about our future expectations constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, Nascent Biotech Inc's ability to target the medical professionals; Nascent Biotech Inc's ability to raise capital; as well as other risks. Additional information about these and other factors may be described in the Nascent Biotech Inc's Form 10, filed on May 2, 2015, and future subsequent filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.
Corporate Contact
Sean Carrick
President | CEO
Nascent Biotech, Inc.
772.713.0541 Cell
sean.carrick@nascentbiotech.com
Public Relations
EDM Media, LLC
https://edm.media
SOURCE: Nascent Biotech, Inc.
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