Feb 18 2010
Isotechnika Pharma Inc. (TSX: ISA) today announced that its wholly owned subsidiary, Isotechnika Labs, has amended its agreement with Paladin Labs Inc. concerning its remaining stake in the revenue stream from the Isodiagnostika business sold to Paladin on June 18, 2009. Under the agreement, Isotechnika Labs was entitled to receive a revenue stream equivalent to 88 percent of the net profits of Isodiagnostika through to June 18 2016. This amendment results in a one time up front payment of $1.65 million with an additional amount up to $350,000 payable by January 31, 2011, based on Isodiagnostika sales in 2010.
"This amendment to the terms of our earlier agreement allows Isotechnika Pharma to continue its focus on the development of our voclosporin programs for transplant and psoriasis, as well as our NICAM portfolio project," said Dr. Robert Foster, President and CEO of Isotechnika Pharma. "These programs will continue to drive the value of our company and this amendment with Paladin is a great source of immediate non-dilutive working capital."