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09 Apr 2019 | 07:42

Nuformix forms cannabinoid therapeutics partnership with Ebers Tech

Nuformix said it had signed an agreement for cannabinoid therapeutics development with Canadian company Ebers Tech.

The agreement would enables Ebers to employ Nuformix's technology platforms to bring a range of therapeutic cannabinoid products to market for consumer product and pharmaceutical applications.

The deal contained up to £51m of upfront, R&D and milestone payments, plus long-term royalties of 20% of net sales, Nuformix said.

Nuformix said it would receive a 'significant' upfront payment and 'believes it will earn further R&D and early-stage milestone payments up to a total of £1m during 2019'.

Further pre-clinical and clinical milestone payments were expected in 2020 and 2021, in addition to royalty payments of 20%.

Story provided by StockMarketWire.com
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