News and Announcements
BioProspect Cuts New Deal with WA Biotech
- Published January 21, 2012 1:59PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
BIOPROSPECT has rejigged its licensing arrangement with unlisted Western Australian biotech company Bio-Gene for the Qcide natural insecticide, announcing it has agreed to assign the intellectual property to Bio-Gene for cash and an increased royalty share.
Under the original deal between the two companies, announced in mid-2008, Bio-Gene paid BioProspect $100,000 up-front for the rights to commercialise the product, which is derived from the oil of the Gympie Messmate (Eucalyptus cloeziana), and would also pay a flat 2% royalty on sales of any products that made it to market.
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