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Elevai Labs, Inc. (NASDAQ:ELAB) shares are trading higher Tuesday after the company announced it signed an exclusive, worldwide manufacturing and processing technology licensing agreement with INmune Bio, Inc. (NASDAQ:INMB).
The Details:
The licensing agreement grants Elevai a license to use INmune Bio’s proprietary “EMx” technology that enables Elevai to manufacture current Good Manufacturing Practice (cGMP) grade, human umbilical cord-derived mesenchymal stromal cells (hucMSCs) at a lower cost to Elevai than purchasing hucMSCs outright. Manufactured hucMSCs can be incorporated into certain licensed topical cosmetic products sold in the medical aesthetics skincare market.
Under the agreement, Elevai will make an initial deposit for the license in two installments over six months, and a final tech transfer fee within two years of executing the agreement. As further consideration under the agreement, Elevai will be required to pay a nominal royalty on the sale of licensed topical cosmetic products that are manufactured using the EMx technology.
“Partnering with INmune Bio, Inc. aligns perfectly with our mission to pioneer innovative stem cell exosome products. Their understanding of efficient human stem cell isolation and large-scale manufacturing provides us with a remarkable opportunity to expand our manufacturing capabilities, expand our product portfolio, and make a significant impact in the market,” stated Jordan R. Plews, Ph.D., CEO of Elevai Labs.
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ELAB Price Action: According to Benzinga Pro, Elevai Labs shares are up 7.6% at $1.84 at the time of publication.
Image: Mohamed Hassan from Pixabay
