Marinomed Biotech AG (VSE:MARI), hereinafter referred to as "Marinomed", announces the execution of a license agreement with Procter & Gamble Company (NYSE: PG), hereinafter referred to as "P&G", for the United States of America regarding the Carragelose® products of Marinomed, which are protected by various patents that cover the use of iota-carrageenan for the treatment of diseases caused by or associated with an infection by a respiratory virus.
P&G will take the necessary steps to obtain regulatory approval for the commercialization of the Carragelose® products in the United States of America. Marinomed is responsible for the technology transfer, i.e., providing P&G with the data required for obtaining regulatory approval and the intellectual property rights (patents, know-how) in the form of a license for the commercialization of the Carragelose® products in the United States of America.
Under the terms of the agreement and depending on the achievement of specified regulatory and commercial milestones, Marinomed is eligible to receive milestone payments as well as royalties on Carragelose® sales in the United States of America.
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