CellPro/Corange $30 mil. compromise returns CEPRATE marketing rights under proposed agreement.
Executive Summary
CORANGE/CELLPRO MODIFIED AGREEMENT TO FOCUS ON GENE THERAPY, CellPro announced May 1. Proposed terms provide for a $30 mil. payment to CellPro in exchange for 1 mil. newly issued shares of CellPro common stock and a non-exclusive guaranteed supply agreement for the provision of CellPro's CEPRATE SC stem cell separation technology for gene therapy applications by Corange. The initial agreement for the development and marketing of stem cell selection products for therapeutic applications outside North America and worldwide licensing rights for diagnostic products employing the CEPRATE system will be terminated, the Seattle-based biotech firm said.