Upstream's provisional patent triggers $500,000 milestone payment

By Lisa Kerner

Erie, Pa., April 7 - Upstream Biosciences Inc., said it filed a provisional patent application on March 22 with the U.S. Patent and Trademark Office entitled "Prostate Cancer Susceptibility Gene," triggering a milestone payment for $500,000 from Novar Capital Corp.

The filing of the application represents a milestone under the terms of a $1 million principal amount 5% convertible debenture that was issued by Upstream to Novar, according to a form 8-K filing. The company said it will use the funds for general corporate purposes.

Upstream is entitled to the remaining $500,000 on July 31, 2006 or 10 days after the company files a provisional patent application expanding the scope of the existing patent application, whichever is earlier.

Vancouver, B.C.-based Upstream discovers and develops biomarkers and licenses them to strategic partners for commercialization.

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