Fujikura Kasei is exercising its previously agreed-upon option to license Cellmid’s midkine (MK) diagnostic technology, paying out a JPY 40 million (approximately $400,000) milestone fee.
Under the terms of an option-to-license agreement inked in February, Cellmid supplied Fujikura with its proprietary anti-MK diagnostic antibodies for validation on Fujikura’s latex diagnostic platform. When Fujikura reached accuracy of 500 picogram/ml MK on its platform using Cellmid’s antibodies, it achieved the milestone set to precede the licensing agreement.
“The parties will now proceed to a supply and license agreement for the development and marketing of multiple cancer diagnostic products using Fujikura’s latex assay with Cellmid’s MK antibodies,” Cellmid today announced.
Cellmid noted that while it has already developed an MK-ELISA, a latex-based assay would be suitable for commercial projects, and could be widely used in pathology labs.
“We are pleased with the progress of our project with Cellmid and looking forward to developing and marketing a number of cancer diagnostic products using midkine as a key marker on our platform,” Fujikura’s Hideyuki Kuroda, Ph.D., head of the firm’s Medical Project Division, said in a statement.
Added Cellmid CEO Maria Halasz: “With Fujikura’s strong focus on building market share in proprietary cancer tests our MK diagnostic technology is in good hands.”