ISEE - IVERIC bio out-licenses gene therapy candidates for cash and stock
- IVERIC bio Gene Therapy LLC, a unit of clinical-stage biotech IVERIC bio ( NASDAQ: ISEE ), has sold the ownership rights for preclinical gene therapy candidates IC-100 and IC-200 to privately held Opus Genetics Inc. for cash and stock on Dec. 23.
- Per the terms, Opus will pay $500K upfront and ~2.6M shares of its preferred stock to the IVERIC bio subsidiary to take over the global R&D and commercialization of IC-100 and IC-200, targeted at certain genetically driven eye disorders.
- The asset purchase and the related stock issuance require Opus to issue additional shares of capital stock that will keep the IVERIC bio unit’s ownership interest at the company at a mid to high single-digit percentage.
- The deal also allows the IVERIC bio unit to receive development and regulatory milestone payments worth up to $12.8M, additional sales milestone payments worth up to $98.9M, and a low single-digit percentage on net sales from resulting products.
- Read why Seeking Alpha contributor Zach Bristow thinks IVERIC bio ( ISEE ) has ~67% upside potential.
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IVERIC bio out-licenses gene therapy candidates for cash and stock