Recoly

Licensing Agreement with Innovative Drug Delivery Ltd. (”IDD”) for the In-Licensing of liposomal glucocorticoid IP Rights.

Recoly has entered a perpetual license agreement with IDD, a company related to the Hebrew University, Jerusalem, Israel, for the in-licensing by Recoly of certain IP related to the encapsulation of glucocorticoids in liposomes. Results related to the technology were published in the January 2008 ARTHRITIS & RHEUMATISM magazine.