PACGEN LIFE SCIENCE CORPORATION ("PBS")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: March 19, 2014
TSX Venture Tier 1 Company
TSX Venture Exchange has accepted for filing documentation a License Agreement dated January 23, 2014 between the Company and General Biologicals Corporation ("GBC") pursuant to which the Company sublicensed certain rights relating to the PAC-113 technology held by the Company to GBC. Consideration is comprised of the following:
i) An upfront license fee of U.S.$250,000.
ii) A monthly royalty of 12% of net sales and net revenues (the "Running Royalties").
iii) An annual royalty of U.S.$50,000 payable on March 31 of each year, less the amount of Running Royalties paid in the immediately preceding 12-month period; and
iv) A milestone payment of U.S.$50,000 each time GBC receives regulatory approval for the marketing of a licensed product in any jurisdiction.
________________________________________
|
|
