Aries Science Inks Licensing Deal For Enveric Biosciences' Radiation Dermatitis Topical Product
(RTTNews) - Biotechnology company Enveric Biosciences (ENVB) and Aries Science and Technology LLC announced Monday a licensing agreement for the clinical development and marketing of Enveric's patented radiation dermatitis topical product.
The product formulation licensed to Aries is protected by an allowed US patent application, as well as a pending PCT application.
Under the terms of the agreement, executed through Enveric's subsidiary, Akos Biosciences, Inc., Enveric will be eligible to receive aggregate milestone payments of up to $61 million, as well as tiered royalties ranging from 2.5% to 10% on future sales, if all conditions are met.
Radiation dermatitis is a side effect of radiation treatment that impacts roughly two million cancer patients per year and has a market opportunity estimated at $400 million annually.
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