Vericel Licenses Products for Distribution in Southeast Asia

Vericel entered into a license agreement whereby Innovative Cellular Therapeutics (ICT) will obtain exclusive rights to develop and distribute Carticel® and MACI® in Greater China, Singapore, South Korea and other countries in the region.

Vericel will receive an initial payment of US $6.0MM, with a potential additional $8.0MM in development and commercial milestones. ICT has agreed to pay tiered royalties equal to a percentage of net sales of each licensed product in the low to middle double digits, and will fund development of the programs and manufacturing of the products.

Carticel is an autologous chondrocyte implant designed for the treatment of knee cartilage defects, while MACI autologous cultured chondrocytes are indicated for the repair of adult symptomatic single or multiple full-thickness cartilage defects.

Sources: Vericel Corporation; ORTHOWORLD Inc.