NovaBay Pharmaceuticals Inc. (NBY: Quote) said it has reached a feasibility and option agreement with Virbac Animal Health for the development and potential commercialization of Aganocides for a number of veterinary use. As per the deal, NovaBay would receive an upfront payment plus additional support for research and development.
Virbac would conduct veterinary studies using NovaBay's Aganocide compounds in order to assess feasibility for treating several veterinary indications, and it would have the option to license exclusive worldwide rights to market Aganocides for one or more of these indications. If exercised, NovaBay may receive additional payments, including an exercise fee as well as development and pre-commercial milestones for a line of veterinary products. Also, NovaBay would receive royalties on sales of any commercialized Aganocide products to arise from this agreement.
NovaBay is developing its first-in-class, non-antibiotic, anti-infective Aganocide compounds for the topical treatment and prevention of a wide variety of bacterial, viral and fungal infections.
by RTT Staff Writer
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