OncoNano Medicine, Inc. announced a research collaboration with Gilead Sciences, Inc. to evaluate OncoNano's ON-BOARD?? encapsulation technology with Gilead's drug candidate. Under the terms of the agreement, OncoNano and Gilead will collaborate to evaluate the stability, selectivity and efficacy of Gilead's drug candidate encapsulated by OncoNano's On-BOARD technology.
Under the terms of the Agreement, OncoNano will receive an upfront payment and is eligible to receive additional near-term preclinical milestones. OncoNano is also eligible to receive development, regulatory and commercial milestones, and royalties on net sales for the encapsulated asset. Gilead has the option to expand the collaboration by nominating an additional target for the ON-BOARD technology, in which case OncoNano would be eligible to receive up to an aggregate of $300 million, comprising the upfront payment and milestone payments, plus royalties.
