IMBiotechnologies Ltd completes purchase of 'Tumor Starvation Technology' from Paladin Labs Inc.
IMBiotechnologies Ltd announced that the Company has completed purchase of all assets related to the Occlusin(R) tumor starvation technology from Paladin Labs Inc. In addition to the cash payment provided to purchase the technology, Paladin will receive a one time milestone payment on first sale of product and a royalty with a capped payment. IMBio will focus its efforts on obtaining regulatory approval for its lead product candidate, Occlusin(R) 500 Artificial Embolization Device ("OCL 500 AED"), which is a medical device.
OCL 500 AED is designed for the treatment of malignant and non-malignant vascularised tumors. Examples of vascularised tumors include heptocellular carcinoma (HCC; liver cancer), renal cell carcinoma (RCC; kidney cancer) and uterine fibroids.
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