XTl Biopharm and Presidio amend license deal

US companies XTL Biopharmaceuticals and Presidio Pharmaceuticals have announced an amendment to their licensing agreement for the latter's preclinical program in hepatitis C focused on the NS5A target.

Under the terms of the amended deal, XTL will receive an additional non-refundable payment of $2.0 million in return for a reduction in future contingent payments. XTL will now receive up to $59.0 million on reaching certain development and commercialization milestones, a reduced royalty on direct product sales by Presidio, and a lower percentage of the latter's income if the program is sub-licensed by that firm to a third party.

Ron Bentsur, XTL's chief executive, commented: "this transaction provides us with essential, non-dilutive capital as we head towards the completion and announcement of results from the Bicifadine Phase IIb study, expected in fourth-quarter 2008, while still preserving meaningful potential economics from our out-licensed preclinical hepatitis C program."