April 26, 2010 / 1:41 PM / 9 years ago

UPDATE 1-BioSante inks deal for antibody production technology

* Says financial terms not disclosed

* Agreement grants a non-exclusive worldwide license

* Shares up 4 pct

April 26 (Reuters) - BioSante Pharmaceuticals Inc BPAX.O 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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