Oncolys BioPharma Ties Up with Medigen Biotech. For Telomelysin

[Pharma Japan 2082/March 17, 2008]

Oncolys BioPharma, Inc. announced on March 6 that the company and Medigen Biotechnology Corp. of Taiwan have signed a strategic alliance and license agreement to jointly develop and potentially commercialize Telomelysin (OBP-301), a replication-competent oncolytic virus that Oncolys is testing for various solid tumors in the US.

The two companies will jointly develop the agent up to the completion of PII and license it to a major pharmaceutical company.Under the term of this agreement, Oncolys will receive an up-front payment and potential future mile-stones. Upon successful licensing after completion of PII, the two companies will share future potential revenues at a pre-set revenue-sharing-ratio.

Oncolys will develop Telomelysin for esophageal cancer, head & neck cancer or an alternative indication.