- Polyrizon Ltd, in which Medigus Ltd MDGS 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.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.