Business
Licence agreement for head lice treatment
Licence agreement for head lice treatment.
About this update from Eden Research Plc
[{"type":"text","content":"\n \nRNS Number : 2989G Eden Research plc 05 June 2013 \n \n\n5 June 2013\nEden Research Plc\n(\"Eden\" or \"Company\")\n \nLicence agreement to commercialise head lice treatment\n \nEden Research plc (AIM: EDEN), the AIM listed agrochemical and encapsulation development company, announces that it has granted Neo-Pharma Innovations Limited ('NEO') a licence to develop its terpene-based head lice treatment for commercial sales.\n \nUnder the terms of the agreement, NEO has a licence to Eden's intellectual property rights for the use of its patented, terpene based head lice treatment. The 20 year licence allows NEO to seek regulatory approvals for the product, as well as to manufacture and sell the treatment worldwide. It also allows them to develop products, using the same technology, that treat body lice, scabies and bed bugs.\n \nAs part of the agreement, Eden has received an up-front licence fee and will also receive a milestone payment after the first regulatory approval of the product or following commencement of commercial sales, whichever is the earlier. Once commercial sales have begun, Eden will receive royalty payments in relation to these sales.\n \nFollowing the signing of the licence agreement NEO will proceed with product trials and will seek regulatory approvals and registrations for the product on a global basis. \n \nClive Newitt, Managing Director of Eden, commented: \"This licencing deal follows our clear strategy of out-licencing our technology to commercial partners. This enables our product to be taken to market without us having to bear the cost of that large scale exercise, or oversee the administrative burden of all that it entails. Over the course of its term, I am confident that our agreement with NEO will deliver significant returns to our shareholders.\"\n \nJohn Davies, Chairman of NEO comments: \"We are extremely excited regarding our future collaboration with Eden since we believe the product concept for the treatment of head lice, body lice, Bed Bugs and Scabies is a novel one, which offers very significant worldwide marketing potential.\n \n\"Moreover, in terms of our very extensive expertise of gaining over 100 international regulatory approvals (built up over 30 years), and our highly developed structure of international distribution contacts/'partn...