Uva Patent Agreement
CHARLOTTESVILLE, Va., 19.12.2018 (GLOBE NEWSWIRE) — Adial Pharmaceuticals, Inc. (NASDAQ: ADIL; ADILW), www.adialpharma.com, a clinical-stage biopharmaceutical company focused on the development of anti-narcotic drugs, announced today that it has amended its licensing agreement with the University of Virginia Patent Foundation, d/b/a of the University of Virginia Licensing Ventures Group (UVA LVG). According to the amendment, Adial is scheduled to begin its Phase 3 clinical trial of AD04 for the treatment of alcohol use disorders (AUD) in 2019. Adial has already announced its intention to launch the AD04 clinical trial in the first half of 2019. If you need help negotiating a funded agreement, please finalize an ePRF. The licensing agreement with UVA LVG gives Adial exclusive, global and permanent rights to the intellectual property that underpins it and the protection of AD04, including and without limitation patents issued in 44 jurisdictions and likely to offer commercial exclusivity to AD04. Under the licensing agreement, Adial pays a total of $1,450,000 in development and licensing bricks ($175,000 in development bricks, $275,000 in the case of FDA acceptance of a new drug application and $1,000,000 for the sale of AD04 in the United States, in Europe or Japan, a royalty for the sale of AD04 of up to 2% for a minimum annual licence is US$40,000 and 15% of sub-licensing revenues obtained through third-party licenses. The TEAM of OSP Contracts supports the negotiation of funded agreements (CTAs, RFAs, etc.) and unfunded agreements (MTAs, CDAs, etc.). Funded and unfunded agreements seek to respond to your request through ResearchUVA once you have initiated the process. In addition, you can access the documentation of your application via ResearchUVA, including the agreement executed in its entirety. A trademark license is a written legal agreement between the trademark holder (conedant) and a manufacturer or seller (licensed). The donor gives the purchaser permission to use the licensee`s trademarks on one of the products. This license must be requested and approved before the purchaser can use the marks.
The University of Virginia`s licensing program exists to protect the university`s name and trademarks, while preserving the university`s image through licensing agreements allowing the use of trademarks on acceptable goods.