Exten Industries reported today that its wholly owned subsidiary, MultiCell Technologies, a liver cell engineering and research organisation in Warwick, US has just signed a nonexclusive license agreement with a major pharmaceutical company.
Under terms of the agreement, the pharmaceutical company may use two of MultiCell's proprietary liver cell lines for a variety of internal research programs for 15 years in exchange for an undisclosed amount and periodic renewal fees.
"Our cells may profoundly impact the drug discovery paradigm," stated Greg Szabo, acting CEO of MultiCell. "We envision that the cell lines we provide will facilitate early identification of potentially harmful side effects such as drug-drug interactions. We believe that many other pharmaceutical companies can benefit from our technology."
Ron Faris, president and CSO of MultiCell, commented: "The company is pleased to conclude this agreement. We feel that our technology will provide the pharmaceutical industry with a unique and valuable tool for drug discovery. Ultimately, our technology may lead to vastly more efficient and cost-effective development of new drugs."
Exten Industries develops and commercialises biotechnology-based products and medical devices and MultiCell develops and commercialises hepatic (liver) cells, cell lines, and biologics for use in diagnostic and therapeutic applications.