Elevai Labs, Inc. (ELAB) shares surged 50% after the company signed an exclusive, worldwide manufacturing and processing technology licensing agreement with INmune Bio, Inc.
ELAB is trading on the Nasdaq at $2.57, up 50.42% or $0.86 per share. It has traded between $1.50 and $4.24 in the past 52-week period.
The agreement grants Elevai an exclusive license to use the "EMx" technology for the development and commercialization of licensed topical cosmetic products sold in the medical aesthetics skincare market.
The technology allows for efficient production of human umbilical cord-derived mesenchymal stromal cells (hucMSCs) at a lower cost than purchasing hucMSCs outright.
Elevai will pay the license's initial deposit in two equal installments spread out for six months, per the agreement.
They also agree to pay a final tech transfer fee within two years of the agreement's execution. Elevai will be obliged to pay a small royalty on the sales of licensed topical cosmetic products made with the "EMx" technology as additional consideration under the terms of the agreement.
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