Phylogica Limited
(ASX:PYC) has entered a licensing agreement with a UK based private biotechnology company called PhoreMost Limited.
The drug discovery group says the transaction is aiming to identify and develop small molecule cancer drugs.
Under the deal Phylogica will grant PhoreMost rights to use certain Phylomer libraries and Phylogica will obtain a 7.5 per cent stake in PhoreMost and rights to develop.
The news comes just one week after Phylogica surged almost 85 per cent in one day on the back of reporting a cancer pilot study success.
Phylogica reported a net loss of $135,000 in the first half of the 2015 financial year.
