This week, Primordial Genetics signed a Letter of Intent with a San Diego-based pharmaceutical company (‘Company A’), for a project involving improvement of an enzyme used for manufacturing high-value pharmaceuticals. The costs of the project will be borne by Company A, and successful completion of the project will result in milestone payments to Primordial Genetics that could total $1.7M over the lifetime of the project.
Company A will have the option for two additional projects under the same terms but with adjusted milestone payments, which could total $16.7M per project over the lifetime of the projects. Company A has paid Primordial Genetics a technology access fee and work on the project has begun as of late November, 2015.
This project represents a tremendous opportunity for Primordial Genetics to demonstrate the power and versatility of its Function Generator genetic technology for protein engineering and development of improved enzyme variants.
The name of Company A and the details of the project will be announced at a future date.
