Biophage signs a MOU with two US Companies for developing new generation of PDS® biosensors
Biophage Pharma Inc. announced that it has signed a memorandum of understanding with two U.S. companies, Indus Instruments, and International Science Consulting, LLC (ISC), for the development and manufacturing of the a new generation of PDS® biosensors.
Under this MOU, Indus and ISC will develop for Biophage proprietary equipment for the detection of live bacterial pathogens and their toxins. As compensation, Indus and ISC will receive US$50,000 and 3,800,000 non-transferable warrants, each such warrant entitling the holder thereof to purchase one common share of the capital of Biophage at any time, for a period of two years after the date of its grant. Out of the 3,800,000 abovementioned warrants, 2,800,000 will be exercisable at a price of CAN$0.12 and 1,000,000 will be exercisable at a price of CAN$0.30. The parties have agreed to enter into a more detailed development agreement.
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