On October 15, 2007, Modern Biosciences plc, the drug development company, and the University of Aberdeen announced that they had signed an exclusive worldwide licence agreement to develop new, oral, disease-modifying small molecule treatments for rheumatoid arthritis.
Under the terms of the agreement, the University will grant an exclusive worldwide licence to Modern Biosciences for the development of its compounds for the treatment of RA, other inflammatory conditions and osteoporosis. Modern Biosciences will fund and manage the development programme through to proof-of-concept studies in man and subsequently out-license the programme to the pharmaceutical industry. Revenues generated through the commercialisation of any of the programmes will be shared by Modern Biosciences and the University.
Allistair Booth of Fasken Martineau Stringer Saul LLP advised Modern Bioscience plc in this matter.