Eden Research has agreed new terms covering its licence agreement with University of Massachusetts Medical School.
In Eden's 2016 report and accounts it was noted that an amount of £570,462, (USD$700,000) had been accrued to UMMS for minimum royalties payable under the licence agreement which Eden signed with UMMS in 2011.
Eden has now agreed with UMMS to revise the minimum royalties from October 2017, resulting in a net reduction in Eden's short-term financial obligations to UMMS, with the amount accrued being written off in its entirety.
Eden said it achieved this by signing an amendment with UMMS, for which Eden had agreed to pay a fee of USD$250,000.
It said a portion of this fee was payable upon signature of the amendment, and the balance was payable in one year's time.
At 9:50am: (LON:EDEN) Eden Research plc share price was +0.38p at 10.5p