Abeona Therapy (NASDAQ: ABEO) was trading higher on Thursday after the company announced a partnership with ophthalmic drug maker Beacon to evaluate its patented AAV204 technology for apply in gene therapy.

Under the terms, Beacon, a clinical portfolio company of Syncona, will have non-exclusive right to evaluate the AAV204 capsid for certain ophthalmological conditions.

The companies announced that the agreement also includes an option for Beacon to obtain a worldwide, non-exclusive license to apply AAV204 for up to five gene or disease targets. Subject to certain conditions, Beacon will have the right to apply AAV204 for up to four additional gene or disease targets.

In return, Abeona (ABEO) will receive an upfront payment when Beacon exercises its licensing option. Payments are also expected upon achievement of specific development, regulatory, and sales milestones, in addition to royalties related to sales.

The company said the diseases covered by the licensing agreement are different from those being studied by it.