Oncology Venture Sweden AB secured global exclusive development rights to Medical Prognosis Institute A/S' drug response prediction technology for a period of three years.
Oncology Venture will issue purchase warrants in exchange for the technology to develop new treatments. The warrants will be exercisable at 10 Swedish kronor for every share issued until Dec. 31, 2019.
Furthermore, Medical Prognosis will receive an ownership stake in Oncology Venture's special purpose vehicles instead of payments and earnings from the sale of the drugs developed by the technology.
As of Dec. 29, US$1 was equivalent to 9.12 Swedish kronor.