In Dec 2016, PsiOxus signed an agreement granting Bristol-Myers Squibb an exclusive worldwide rights to NG-348, a solid tumor targeting oncolytic virus therapy. Under the terms, BMS paid PsiOxus a $50 Mn upfront payment and will be solely responsible for global clinical development and commercialization activities related to NG-348. PsiOxus is also eligible to receive up to $886 million in development, regulatory and sales-based milestones, as well as royalties on net sales. BMS also funds the preclinical development of NG-348. In Dec 2017, PsiOxus recieved $15 Mn as milestone payment from BMS on the approval of Clinical Trial Application for NG-348.

In June 2016, Bristol-Myers Squibb and PsiOxus, signs a clinical collaboration agreement to evaluate the safety, tolerability, and preliminary efficacy of PsiOxus enadenotucirev, in combination with BMSs Immuno-Oncology drug Opdivo (nivolumab) to treat a range of tumor types in late-stage cancer patients. Under the terms, BMS will make a one-time upfront payment of $10 Mn to PsiOxus, and the parties will share development costs. Additionally, the companies will work exclusively with each other on anti- PD-1/PD-L1 antagonist antibody and enadenotucirev combination regimens, and BMS will have a time-limited right of exclusive negotiation for commercial rights to enadenotucirev.