AspenBio Pharma Executes Worldwide License Agreement for its Animal Health Assets

AspenBio Pharma, Inc.

today announced that it has executed an exclusive worldwide license agreement with a major international animal health company, providing license and sub-license rights to AspenBio's entire animal health portfolio. Under the license agreement AspenBio will receive license fees of approximately $1.0 million and milestone payments totaling $2.0 million tied to specified development and regulatory achievements and royalties on licensed product sales. An additional $2.0 million in milestone payments is potentially payable under the agreement associated with expanded development and commercialization efforts by the licensee. The agreement contains standard terms and conditions, including provisions for confidentiality, indemnification and product development and regulatory requirements, all of which will be conducted and funded by the licensee.