UPDATE 1-Ambrilia sells prostate cancer drug candidate

July 16 (Reuters) - Small Canadian biotech company Ambrilia Biopharma Inc (AMB.TO) said it agreed to sell its experimental prostate cancer drug, PCK3145, to Kotinos Pharmaceuticals Inc.

Under the patent and technology purchase deal, Ambrilia is eligible to receive up to $15 million in milestone payments, including $200,000 upfront, and royalty payments.

"This agreement is part of our ongoing strategic realignment, allowing us to focus on external opportunities for our remaining assets," Ambrilia's Chief Executive Philippe Calais said in a statement. (Reporting by Koustav Samanta in Bangalore; Editing by Ratul Ray Chaudhuri)