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Abeona Therapeutics (NASDAQ:ABEO) traded higher on Thursday after the company announced a partnership with eye care drug developer Beacon to evaluate its patented technology, AAV204, for gene therapies.
Per the terms, Beacon, which belongs to Syncona’s clinical portfolio of companies, will have a non-exclusive right to evaluate AAV204 capsid for certain ophthalmic conditions.
The companies announced that the deal also specifies an option allowing Beacon to obtain a worldwide, non-exclusive license to use AAV204 for up to five gene or disease targets. Subject to certain conditions, Beacon will have the right to use AAV204 for up to four additional gene or disease targets.
In exchange, Abeona (ABEO) will receive an upfront payment once Beacon exercises its licensing option. Payments are also expected once specific development, regulatory, and sales milestones are reached, in addition to sales-related royalties.
The company said that the diseases covered under the licensing deal differ from those it targets in its studies.