Cellmid signs agreement for sale of biotech subsidiary Lyramid Limited
The company will retain the benefit of future upside with a 4% royalty on product sales by Lyramid (8% on sub-licence income).
Cellmid has received a A$500,000 upfront payment.
Cellmid Limited (ASK:CDY) has signed a binding agreement with Provelmare Holding SA, a Panama-based company, for the sale of Lyramid Limited, Cellmid's wholly-owned research and development subsidiary focused on commercialising its midkine intellectual property portfolio.
Midkine, an important novel therapeutic target, is a growth factor abundant during embryonic development but is almost undetectable in healthy adults and it reappears in certain pathologies, including inflammatory diseases and cancer, becoming readily detectible in blood and other tissues.