Benzinga | Jul 19, 2021 08:29AM EDT

FibroGen Out-Licenses Recombinant Human Collagen-Based Biosynthetic Cornea

* Eluminex Biosciences (Suzhou) Limited has exclusively licensed global rights to develop and commercialize a biosynthetic cornea from FibroGen Inc (NASDAQ:FGEN).

* The biosynthetic cornea is derived from recombinant human collagen Type III and is intended to treat patients with corneal blindness.

* Under the terms of the agreement, Eluminex will make an $8 million upfront payment to FibroGen.

* In addition, FibroGen may receive up to $100 million in milestone payments. It is also eligible to receive royalties based upon worldwide net sales.

* The Eluminex biosynthetic cornea (EB-301) is a clinical-stage corneal stromal substitute that will be initially developed for the China market.

* Price Action: FGEN shares are down 1.74% at $14.10 during the premarket session on the last check Monday.