LONDON (AFX) - Speciality pharmaceuticals company BioProgress PLC said it completed a licensing agreement with Uluru Inc, for a product to treat mouth ulcers using Uluru's Oradisc technology.
The company said it will pay an initial milestone payment of 600,000 usd for the exclusive rights to the product with further milestones based upon regulatory and sales based milestones.
BioProgress said it will apply for market approval within the second half of 2007.
The company said it will be marketing the product within Europe, CIS and Middle East and that it expects the product to be available both as a prescription medicine and as an over the counter medicine.
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