Biophage signs a MOU with two US Companies for developing new generation of PDS® biosensors
Under this MOU, Indus and ISC will develop for Biophage proprietary equipment for the detection of live bacterial pathogens and their toxins. As compensation, Indus and ISC will receive US$50,000 and 3,800,000 non-transferable warrants, each such warrant entitling the holder thereof to purchase one common share of the capital of Biophage at any time, for a period of two years after the date of its grant. Out of the 3,800,000 abovementioned warrants, 2,800,000 will be exercisable at a price of CAN$0.12 and 1,000,000 will be exercisable at a price of CAN$0.30. The parties have agreed to enter into a more detailed development agreement.
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