HCW Biologics, WY Biotech soldify license agreement

HCW Biologics (HCWB) and WY Biotech announced that WY Biotech has completed its due diligence related to HCWB’s technology transfer report, including the characterization of the cell line, delivered on May 13. In addition, WY Biotech confirmed its commitment to proceed with the development and commercialization of the licensed molecule, HCW11-006, for in vivo therapeutic applications. The Agreement is now fully binding and HCW Biologics has earned the $7M upfront license fee under the terms of the Agreement, as amended. In addition to the $7M upfront payment, HCWB is eligible to receive additional significant development milestone payments and double-digit royalties on future product sales. Furthermore, HCWB will share a substantial portion of the proceeds from a future transaction involving the molecule, if such a transaction occurs. HCWB also has a payment-free, milestone-free, and royalty-free option to recapture the development and commercialization rights of this molecule for the United States, Canada, Central America, and South America after the conclusion of the Phase 1 clinical trial. WY Biotech is financially responsible for all costs associated with research and development, manufacturing, clinical development, regulatory approval, and commercialization for the molecule. HCWB will be responsible for costs associated with clinical development, regulatory approval, and commercialization in the Opt-in Territory, if HCWB exercises its opt-in rights. Both companies will work cooperatively in the development stage with a global focus for clinical development and partnering.