Vericel Corporation announced the initiation of its license agreement with Innovative Cellular Therapeutics (ICT) following receipt of a $5.1 million upfront and warrant payment from ICT. The transfer of funds was executed following review and approval by the State Administration of Foreign Exchange of the People's Republic of China. Under the terms of the agreement, ICT will develop and distribute MACI®, Epicel®, ixmyelocel-T and Carticel® in Greater China, South Korea, Singapore, and other countries in the region. The payment was comprised of an upfront license fee and $4.2 million for a warrant to purchase 818,424 shares of the company’s common stock based on the closing price as of December 6, 2017 at an exercise price of $0.01 per share.