Pheromone, Sertoli form joint venture to fund development of cell technology

By Lisa Kerner

Erie, Pa., March 20 - Pheromone Sciences Corp. said it completed its due diligence review of the Sertoli Technologies Inc. patents and has entered into a joint venture agreement to finance the project development with Sertonex Inc. of London, Ont.

Pheromone has the exclusive right to acquire, in stages, 100% of the project by providing funding of up to $3.5 million, also in stages, according to a company news release.

As part of the agreement, Sertoli will exclusively license to Pheromone all patents and patent applications for the therapeutic use of Sertoli cell technology.

To fund the first stage of the project, Pheromone anticipates an initial financing of $2 million through a non-brokered private placement of units at $0.40 for one common share and one half warrant exercisable at $0.60 for two years.

Sertoli is a cellular therapy company with platform technology that enables the therapeutic transplantation of cells and cell-based gene therapy. The company is located in Tucson, Ariz.

Pheromone is a biotechnology and medical diagnostics device research and development company that focuses on commercializing medical technologies. The company is based in Kelowna, B.C.

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