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- Ecofibre (EOF) establishes biotech entity EOF-BIO to commercialise patents for its treatment of Ovarian Cancer and Endometriosis
- The co-developed IP entity was developed alongside the University of Newcastle and holds a pre-money enterprise value of A$45 million
- Ecofibre USA will be the majority stakeholder, with two types of financial interest; equity ownership and royalties
- Over the next two years, the funds will be used for specific phase two clinical trials and for developing additional patents for future commercialisation opportunities
- Shares last traded at 18.5 cents
Ecofibre (EOF) has established biotech entity EOF-BIO to commercialise patents for its treatment of Ovarian Cancer and Endometriosis.
The co-developed intellectual property entity was developed alongside the University of Newcastle and holds a pre-money enterprise value of US$30 million (A$45 million).
Ecofibre USA will be the majority stakeholder of EOF-BIO with two types of financial interest; equity ownership and royalties.
The company will invest external capital into the patents, with the exact amount yet to be determined.
EOF will also own a portion of EOF-BIO shares, along with the exclusive rights to commercialise the intellectual property developed by Ecofibre and the University of Newcastle.
Royalties will be payable by third parties on any sub-license of intellectual property and any products developed.
This comes after the company was recently granted notifications for two of the company’s five US patents for its treatment of Ovarian Cancer and Endometriosis using cannabinoids for Fibroids and Dysmenorrhea, more commonly known as period pain.
Over the next two years, funds will be used for specific phase two clinical trials as well as developing additional patents for future commercialisation opportunities.
EOF last traded at 18.5 cents.
