Brief: Bioextrax Signs Term Sheet With US Start-Up For PHA Production

Bioextrax AB publ

20/03/2023 07:51

March 20 (Reuters) - Bioextrax AB  BIOEX.ST :
    * SAID ON SUNDAY, ENTERS INTO TERM SHEET WITH US START-UP
REGARDING LICENSING OF CO'S TECHNOLOGIES FOR PRODUCTION OF PHA
    * TERM SHEET IS IN ITSELF BINDING, BUT WILL LATER BE
REPLACED BY
LICENCE AGREEMENT
    * OPTION IS INITIALLY VALID FOR ABOUT 6-8 MONTHS, PURPOSE IS
FOR
US CO TO SECURE FINANCING DURING THIS PERIOD
    * FOR THIS INITIAL TIME-LIMITED OPTION, US CO PAYS USD
50,000 TO
BIOEXTRAX
    * AFTER INITIAL OPTION PERIOD, US CO CAN CHOOSE TO EXTEND
OPTION
FOR MAXIMUM OF 10 MONTHS AT COST OF USD 25,000/MONTH
    * IN CASE US CO CHOOSES NOT TO EXTEND OPTION, EXCLUSIVITY
EXPIRES
IMMEDIATELY

        
 Source text for Eikon:  urn:newsml:reuters.com:*:nMFN6STM1V
 Further company coverage:  BIOEX.ST  

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