Living Cell Technologies swaps license for portion of US company
Wednesday, 10 February, 2010
Xenotransplantation company, Living Cell Technology, has licensed its technology for broad choroid plexus patents for the purpose of wound healing to US startup biotech, CytoSolv, in exchange for a 10 per cent stake in the latter company.
Living Cell Technologies has also given a restricted supply of choroid plexus cell clusters to CytoSolv under the agreement.
The license for the use of the technology is non-exclusive and non-transferable.
CytoSolv is developing its own technology aimed at improving wound healing, initially targeting diabetic ulcers. Its technology involves the delivery of a mixture of wound-healing factors derived from porcine choroid plexus cells cultured using proprietary techniques.
These cells normally secrete a variety of factors into the cerebrospinal fluid that are responsible for growth, differentiation, nurturing and maintenance of the brain. CytoSolv has demonstrated that a topical gel based on a cocktail of these factors accelerates and improves the quality of healing of open skin wounds, and has recently been awarded $US500,000 from the Slater Technology Fund to pursue more advanced pre-clinical development in the year ahead.
Living Cell Technologies (ASX:LCT) is up by 2.75% to 18.5c as of 12.30pm today.
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