Business
Novocellus contract completio
Novocellus contract completio.
About this update from Cellbxhealth Plc
[{"type":"text","content":"\n RNS Number : 9005N Angle PLC 26 February 2009 \n \n\n\n\n\n\n\nFor immediate release\n\n\n26 February 2009\n\n\n\n\n\nANGLE plc\n\nNovocellus contract completion \n\n\nANGLE plc ('ANGLE') is pleased to announce that, further to its announcement of 12 January 2009, its 82% owned portfolio company, Novocellus Limited, a leader in IVF (in vitro fertilisation) has signed an agreement with MediCult a/s (OSE: MEC), a leader in Assisted Reproductive Technologies (ART) for MediCult to acquire Novocellus' patented, non-invasive embryo selection technology, EmbryoSure™. This method is used to choose the most competent embryo for implantation, which is believed to increase the chances of successful pregnancy by at least 25%. It also supports the growing medical and regulatory trend towards single embryo transfer (SET), thereby avoiding the multiple births and related negative health and cost implications often seen with IVF procedures. \n\nMediCult has agreed to fund and manage a 400 patient trial in a number of leading UK clinics to statistically validate the extent to which the use of EmbryoSure will increase the chances of successful pregnancy compared to current visual techniques used to select the most viable embryo. Building on the work already undertaken by Novocellus, this trial is expected to take around twelve months to complete with the product being commercially launched in 2010. \n\nOn successful completion of the trial demonstrating an uplift in clinical pregnancy rates of 25% or greater, MediCult will make milestone payments to Novocellus, in cash or shares at its option, of £1.0 million within 30 days followed by a further £3.5 million when net sales of EmbryoSure products exceed £4.5 million in a calendar year. \n\nIn addition to milestone payments, MediCult will make royalty payments to Novocellus of up to 25% of net sales of EmbryoSure products in countries in which patent protection exists, which as at the date of this agreement are Europe, USA, Japan, Canada, China, India and Australia. In 2009, it is estimated that there will be over 1,000,000 cycles of IVF carried out globally, a figure that is growing at more than 4% a year. A single cycle of IVF cost...