(Reuters) - BioSante Pharmaceuticals Inc said it signed an option agreement for use of its antibody production technology with an undisclosed pharmaceutical company, sending its shares up as much as 5 percent in Monday morning trade.
Details of the option agreement that grants the pharmaceutical company a non-exclusive worldwide license for the technology were not disclosed.
The 2A/Furin technology, which helps generate stable, high producing antibody cell lines, is covered by four issued U.S. patents, BioSante said in a statement.
The option period will last up to six months, at which time the multi-national pharmaceutical company may exercise its option to enter into a non-exclusive license for the use of the technology.
Shares of BioSante were up 4.2 percent at $2.23 in morning trade on Nasdaq. They had touched a high of $2.25 earlier in the session.
(Reporting by Krishnakali Sengupta in Bangalore; Editing by Roshni Menon)
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