Toronto, Canada-based Arch Biopartners Inc. (CNSX-ACH and OTC: FOIFF) this week announced that it has obtained an exclusive license for a patent pending in the area of peptides and solid surfaces owned by the University of Colorado and emanating from the program in structural biology and biophysics, headed by Robert Hodges. The company has agreed to pay $36,000 as consideration for the license.

The company has agreed to issue 150,000 common shares to CU in the event the company identifies a product covered by the patent that is ready to be advanced into formal clinical or commercial development. Future royalty payments by the company to CU relating to the licensed patent will depend on future sales.

The company's patent attorney now is responsible for completing the prosecution of the patent filing with the U.S. Patent and Trademarks Office.

In September, Arch announced the formation of a new American subsidiary, Colorado Cancer Therapeutics, with CU chemists Hodges and Lajos Gera; this company is commercializing anti-cancer compounds licensed separately from CU.