Jubilant Life Sciences said its subsidiary Jubilant DraxImage Inc has signed a term sheet with Australia based Cyclopharm for exclusive licence to market Technegas in the United States.
Technegas is an imaging agent primarily used in Pulmonary Embolism. DraxImage will assist CYC with the development and financing of the Phase III clinical trials for Technegas, and any other steps required to file for and obtain US FDA approval.
The company said in a statement that DraxImage will provide at risk up to $4.5 million to fund the USFDA clinical trial currently under development with any additional costs to be funded by both parties equally.
