Vericel Corporation, a US leading developer of expanded autologous cell therapies for the treatment of patients with serious diseases and conditions, announced the initiation of its License Agreement with Chinese Innovative Cellular Therapeutics (ICT) following receipt of a $5.1 million upfront and warrant payment from ICT.
Under the terms of the agreement, ICT will develop and distribute MACI®, Epicel®, ixmyelocel-T and Carticel® in Greater China, South Korea, Singapore, and other countries in the region. ICT will be responsible for funding the development of the programs and manufacturing the products for commercialization in China and the rest of the territory.
“We look forward to rapidly bringing Vericel’s cell therapy products to patients in China and other Asian countries, said Dr. Lei Xiao, Chairman of ICT. With the addition of Vericel’s portfolio to our existing CAR-T pipeline and marketed products, ICT has one of the broadest and most advanced cell therapy portfolios in China.”