Modern Biosciences enters fourth drug development agreement with UK academia

On June 26, 2008, drug development company Modern Biosciences plc ("MBS") and the University of Bradford announced that they had entered into an exclusive agreement to develop a new class of anti-cancer drugs.

The Institute of Cancer Therapeutics (ICT) at the University of Bradford has developed a targeted vascular disrupting agent (VDA) that has the potential to overcome the lack of tumour selectivity and systemic toxicity associated with many chemotherapeutic agents.

The University of Bradford has granted MBS an exclusive 12-month option to license the technology. MBS will take up its option following the completion of certain confirmatory proof-of-principle studies. MBS will fund and manage all development work while revenues generated through commercialisation will be shared with the University.

Allistair Booth of Fasken Martineau Stringer Saul LLP advised Modern Bioscience plc in this matter.