Oncotelic forms joint venture with Dragon Overseas; Dragon to invest $27.6M for 55% stake

Oncotelic Therapeutics, Inc.

Dragon Overseas invests $27.6M in cash and assets for 55% of JV; Oncotelic contributes OT-101 licenses for 45%.
Oncotelic eligible for up to $50M from sale of RPD Priority Review Voucher for OT-101 (DIPG) after marketing approval.
JV to develop TGF-β therapeutics, initially focusing on OT-101 for DIPG, pancreatic cancer, and glioblastoma.
If Series A of ≥$20M not completed by Aug 31, 2022, Dragon's funding drops to $250K/month; licenses revert on termination.

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