10:01 AM EDT, 05/29/2024 (MT Newswires) -- Jaguar Health ( JAGX ) said Wednesday it has expanded its out-licensing agreement with Magdalena Biosciences to include ethnobotanical expertise in developing a potential botanical drug to treat schizophrenia and psychoses.

Under the terms of the revised agreement, Jaguar said it would receive 10% of all upfront and milestone payments made to Magdalena resulting from any business development partnership for the potential botanical drug.

The deal also provides Jaguar with annual royalties on potential sales, if the product is approved by the US Food and Drug Administration, but excludes commercial milestone payments and research and development reimbursements, the company said.

Magdalena is a joint venture between Jaguar and Canadian biotech Filament Health.

Jaguar shares slipped 2% in recent Wednesday trading.

Price: 3.95, Change: -0.08, Percent Change: -1.99