The Medical House PLC (“TMH”), (AIM:MLH) the orthopaedic devices and drug delivery company, announces that it has signed a term sheet with a currently undisclosed global pharmaceutical company, to develop a new device delivery system on an exclusive basis for use with a currently undisclosed drug. The minimum value of the agreement is expected to be $7.5 million over 5 years. The Term Sheet provides that TMH would receive approximately $750,000 in development costs for the new delivery system. In addition the Term Sheet also provides that TMH will be free to licence the new delivery system to other companies for additional indications, subject to certain rights of first refusal.
