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Clarus Therapeutics Holdings Inc (NASDAQ: CRXT) and Canada's McGill University have announced licensing agreement whereby Clarus will develop and commercialize McGill's proprietary technology designed to treat conditions associated with CoQ10 deficiencies.
Coenzyme-Q10 (Ubiquinone) is synthesized in the inner membrane of mitochondria, a cellular organelle whose primary function is to produce the body's chemical energy.
Deficiencies of CoQ10 can lead to severe multiple organ dysfunctions.
Under the licensing agreement terms, Clarus will pay McGill a one-time upfront payment of $0.35 million and up to $10.5 million in potential milestone payments.
Additionally, McGill would be eligible for up to $30 million in potential commercial milestone payments.
Price Action: CRXT stock is 3.10% higher at $7.64 during the market session on the last check Thursday.
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