HCW Biologics Inc. announced a worldwide exclusive license agreement with WY Biotech Co., Ltd. for one of its preclinical product candidates derived from its new drug discovery platform. This agreement aims to develop and commercialize the molecule for therapeutic use.
Under the terms, HCW Biologics is set to receive an upfront payment of $7.0 million and is eligible for additional significant development milestone payments and double-digit royalties on future product sales. WY Biotech will bear all financial responsibilities for research, development, manufacturing, clinical development, regulatory approval, and commercialization.
HCWB retains a payment-free, milestone-free, and royalty-free option to recapture development and commercialization rights for the United States, Canada, Central America, and South America after the conclusion of the Phase 1 clinical trial. Preclinical studies demonstrated the multi-functional product candidate's high effectiveness in inducing anti-tumor CD8+ T cell and NK cell responses without unwanted side effects in solid tumor animal models.
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