Transition Therapeutics Acquires Exclusive License to GLP-1 for Type I Diabetes Patent Portfolio
Transition Therapeutics Inc. announced the signing of an exclusive license agreement to a patent portfolio for the use of Glucagon-Like Peptide-1 ("GLP-1") analogues in the treatment of Type I diabetes. The Patent Portfolio includes two issued US patents (US No. 6,989,148 & US No. 6,899,883). The claims in these issued US patents cover the use of GLP-1 analogues alone or in combination with insulins for the treatment of Type I diabetes.
The addition of this patent portfolio strengthens the overall intellectual property protection of Transition's GLP1-I.N.T.(TM) regenerative product. The license also provides Transition with exclusivity to key claims necessary for GLP-1 analogue therapy to extend to Type I diabetes in the United States.
Transition signed this exclusive license agreement to the Patent Portfolio with London Health Sciences Centre Research Inc. ("LHSCRI"). Under the terms of the Agreement, Transition will issue to LHSCRI a number of Transition common shares having a value of $286,000 at a price equal to the weighted average trading price of Transition shares from March 15 - March 21, 2006. In addition, LHSCRI is entitled to receive milestone payments and royalties on amounts actually received by Transition from the net sales of products covered by issued Patent Portfolio claims or the sublicense of the Patent Portfolio.
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