Gene Biotherapeutics Inc. announced that it has entered into an agreement with the Olaregen Therapeutix Inc. covering the sale of Excellagen® flowable dermal matrix for wound healing. Olaregen is a special purpose entity which was formed by an unaffiliated investment group to acquire and commercialize advanced wound healing therapeutics for multiple vertical markets. Gene Biotherapeutics retains the exclusive rights to develop and commercialize the Excellagen dermal matrix for wound healing in greater China, the Russian Federation and 11 other Eurasian countries within the Commonwealth of Independent States consistent with the indications for use in the Excellagen U.S. FDA 510(K) clearance letter and a US patent issued October 10, 2017. Under the terms of the agreement, Gene Biotherapeutics will be entitled to a total consideration of up to $4,000,000, consisting of an upfront cash payment totaling $650,000 and $3,350,000 in additional consideration that would consist of royalties on worldwide net sales, and accelerated royalties in the form of lump sum cash payments based on capital investments received by Olaregen or the sale of the Excellagen technology platform to a third party.