Alliqua, a biopharmaceutical company focused on the development, manufacturing and distribution of proprietary transdermal wound care and drug delivery technologies, entered into a licensing agreement with Celgene Cellular Therapeutics (CCT), a subsidiary of Celgene, whereby Alliqua received the right to develop and market the advanced wound care products Biovance and Extracellular Matrix (ECM).
Concurrently, Alliqua entered into an agreement with Celgene to sell to Celgene 1,672,474 shares of common stock of Alliqua, at a purchase price of $3.59 per share and a five-year warrant to purchase an additional 836,237 shares of common stock at an exercise price of $5.69, in exchange for $6 million. Celgene received a right to appoint a director to Alliqua's board of directors.
Biovance is a collagen-based decellularized and dehydrated topical wound covering produced from human amniotic membrane that is indicated for the management of non-infected partial- and full-thickness wounds. The product, which is ready for commercial use, is expected to be launched during the latter part of the second quarter 2014. ECM is a suite of advanced wound management products made from extracellular matrix derived from the human placenta.