Kyocera completes Progenza Due Diligence
Sydney, May 18, 2020 AEST (ABN Newswire) - Regeneus Ltd (ASX:RGS), a clinical-stage regenerative medicine company, today announced that it has received notification that Kyocera Corporation (TYO:6971) has completed its due diligence process on its lead stem cell platform technology Progenza for treatment of Knee Osteoarthritis (Progenza OA).
Progenza OA has met Kyocera's due diligence criteria and the completion of this phase progresses the non-binding Memorandum of Understanding (MOU) announced on 2 March.
Pursuant to the terms of the MOU, the milestone triggers a payment of JPY100M (approx. A$1.5M). The payment is refundable if a definitive commercial licence is not executed.
Under the terms of the MOU, Kyocera now will have until the end of July 2020 for exclusive rights to negotiate a commercial license for Progenza OA in Japan.
About Regeneus Ltd
Regeneus Ltd (ASX:RGS) is a Sydney-based clinical-stage regenerative medicine company using stem cell technologies to develop a portfolio of novel cell-based therapies. The regenerative therapies seek to address unmet medical needs in human health markets, focusing on neuropathic pain, including osteoarthritis and various skin conditions, with its platform technologies Progenza(TM) and Sygenus. Visit www.regeneus.com.au for more information.