Jun. 30, 2017
Eden Research plc (EDEN) recently announced that it has agreed new terms covering its licence agreement with University of Massachusetts Medical School (“UMMS”).
In Eden’s 2016 Report and Accounts it was noted that an amount of £570,462, (USD$700,000) had been accrued to UMMS for minimum royalties payable under the licence agreement which Eden signed with UMMS in 2011. Eden has now agreed with UMMS to revise the minimum royalties from October 2017, resulting in a net reduction in Eden’s short-term financial obligations to UMMS, with the amount accrued being written off in its entirety.
Eden has achieved this by signing an Amendment with UMMS, for which Eden has agreed to pay a fee of USD$250,000. A portion of this fee is payable upon signature of the Amendment, and the balance is payable in one year’s time.
Sean Smith, Chief Executive of Eden, said: “We are pleased to announce the re-setting of some of the key commercial terms of our licence agreement with UMMS. We believe that the new terms reflect both the long term potential of our next-generation encapsulation technology whilst also reflecting the current stage of technology development. We look forward to the ongoing collaboration with UMMS which is, in part, focussed on the further development of this technology with the objective of creating a next-generation encapsulation system to help us solve a broader set of challenges for our partners.”