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Polyrizon Ltd, in which Medigus LtdMDGS owns a 37.03% stake, signed a binding Collaboration Agreement with NurExone Biologic Inc for therapies for traumatic spinal cord injuries.
Polyrizon is an Israeli biotech company specializing in intranasal products.
Under the agreement, Polyrizon will use its advanced Trap and Target platform to develop formulations, conduct analytical development and produce technical batches of a tailored intranasal delivery system.
Under the Collaboration Agreement, NurExone will cover the formulation development costs in an estimated amount of $220,000 in 3 installments.
NurExone shall pay development fees to Polyrizon of up to $3.35 million as milestone payments, including $500,000 upon successful completion of Phase 2 clinical trial.
In the advanced stages of the collaboration, Polyrizon may assist NurExone with regulatory submissions for the U.S and Europe.
Manufacturing and marketing rights for formulations under the Collaboration Agreement are exclusive to NurExone.
Price Action: MDGS shares are up 8.77% at $0.62 during the premarket session on the last check Monday.
