Tuesday, Qualigen Therapeutics, Inc. (QLGN) announced a co-development agreement with Marizyme, Inc. to advance the commercialization of Marizyme's product, DuraGraft.
DuraGraft, which received De Novo FDA Clearance on October 4, 2023, is designated for use as a vascular conduit solution for adult patients undergoing Coronary Artery Bypass Grafting surgeries.
As per the Agreement, Qualigen will assist in launching DuraGraft in the United States and fund post-clearance clinical studies to promote its usage in the U.S., by providing up to $1.5 million in funding over the next several months for these initiatives.
In exchange, Qualigen will earn a portion of Marizyme's gross profit from future U.S. product sales, limited to a 2X return on their invested capital.
Furthermore, Qualigen has secured an exclusive negotiation period until May 31, 2024, to suggest and outline a broader strategic relationship between the two companies.
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