Provectus Pharmaceuticals (PVCT) has provided an update.
Provectus Biopharmaceuticals, Inc. has secured an exclusive worldwide license from the University of Miami to develop and commercialize a photodynamic antimicrobial therapy for ophthalmology. The agreement involves an upfront fee, royalties on net sales, and equity in a new corporation set up specifically for this venture. The company has committed to achieving several development milestones and will also make additional payments upon reaching commercialization targets. The deal outlines various financial obligations and the potential for termination under certain conditions, emphasizing the strategic move by Provectus to expand its portfolio in eye care treatments.
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