HemoGenyx Pharmaceuticals PLC (LON:HEMO) shares jumped by over a quarter in value on Tuesday boosted by news the firm has entered into a collaboration with a major US biotechnology company in a deal worth up to approximately US$250,000 for the UK firm.
The biotechnology group said the collaboration follows on from the announcement made by the company on 26 February 2018, which confirmed the filing of a provisional patent application relating to its development of a new type of humanised mice with a chimeric mouse-human blood system.
The firm added that this application of Hemogenyx's humanized mice as a tool for drug development and testing forms the basis of its collaboration with the unnamed US biotech company.
It said the collaboration, which is expected to last between four to six months, is a continuation of work previously undertaken in partnership with the company and has the potential to generate further income as the collaboration develops.
Dr Vladislav Sandler, Hemogenyx’s CEO & co-founder, commented: The advancement of this collaboration and potential future collaborations serve both as a validation of our technology and a means of support for the further development of our CDX bi-specific antibody product candidate."
In early morning trading, Hemogenyx shares were up 25% at 3.88p.
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