PanBio Limited (PBO.AX) Purchases Intellectual Property From Corixa Corporation (CRXA) For Detecting Tick Borne Diseases
10/19/2005 5:13:16 PM
SEATTLE & BRISBANE, Australia--(BUSINESS WIRE)--April 12, 2005--Australian-based international medical diagnostics company Panbio Limited, listed on the Australian Stock Exchange (ASX:PBO) and Corixa Corporation (Nasdaq:CRXA), a developer of immunotherapeutics, announced today that Panbio has signed an agreement to acquire intellectual property from Corixa that would assist in the development of new assays for the diagnosis of the tick borne diseases, Ehrlichiosis and Babesiosis.
Under terms of the agreement, Corixa will receive an undisclosed up-front payment, annual maintenance payments and royalties on future product sales. The agreement will also transfer to Panbio a portfolio of unique recombinant proteins that are specific to these infections. Panbio will be responsible for all product development and commercialization.