Millenium Biologix Signs Exclusive License Agreement to Enhance ACTES(TM)-C
Millenium Biologix Corporation announced that it has entered into an exclusive license agreement with the Massachusetts Institute of Technology ("MIT") for commercialization rights on their patents related to "Use of growth factors for Expansion of Mammalian Chondrocytes and Engineering of Cartilaginous Tissues" by inventors Lisa E. Freed, Robert S. Langer, Ivan Martin and Gordana Vunjak-Novakovic.
This licensing agreement will allow Millenium to develop and use a specific combination of growth factors in its Autologous Clinical Tissue Engineering Systems for cartilage repair (ACTES(TM)-C), a point-of-care regeneration product for production of cartilage from the patient's own cell sample. This license agreement is expected to enhance the productivity of Millenium's ACTES-C. Through the development and use of this technology, Millenium will be able to significantly enhance the utility of the ACTES(TM) technology platform, and so address broader clinical indications.
Millenium anticipates the use of this technology in early ACTES commercial products. The agreement provides MIT with an upfront payment, followed by a royalty on sales of ACTES components that utilize the technology as part of the biological processing undertaken in the overall ACTES system.
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