Roquefort Therapeutics PLC (LSE:ROQ, OTCQB:ROQAF) has signed an exclusive license and royalty agreement with Randox Laboratories for medical diagnostics utilising the Midkine antibody portfolio.
The deal, estimated to be worth in excess of £5mln to Roquefort, grants Randox an exclusive global licence to the technology for the next decade - but as a medical diagnostic only.
Roquefort and Randox will also collaborate on research programmes to develop new cancer diagnostics that can be treated with Roquefort's Midkine therapeutics.
The Main Market-listed biotech's Midkine-targeting strategy is based on identifying patients whose cancers express Midkine, a heparin-binding protein over-expressed in cancer, preventing tumour cell death and promoting metastatic spread and treatment resistance.
According to Ajan Reginald, CEO of Roquefort Therapeutics, the partnership with Randox "enables Roquefort Therapeutics to remain focused on developing first-in-class medicines, while Randox develops the Midkine cancer diagnostics that are essential for our clinical trials."
"Not only does the transaction highlight our robust IP position and strengthen our balance sheet it also reflects the high level of interest in our novel cancer pipeline and highlights the Company's rapid translation and deal-making capabilities," he added.