entered into a license agreement with JCOM
in the Republic of Korea to provide a license for the transgenic development of recombinant human insulin products in Asia
. JCOM will pay a license fee and compensate GTC for successful development of the transgenic production system. JCOM will also pay GTC a royalty on any commercial sales of the products.
Under the agreement, GTC will establish the appropriate cell lines and demonstrate production over the next 12 months. JCOM has the option for exclusive marketing rights in Asia.