Navigation Links
ImaRx Therapeutics Satisfies Abbott Note Obligation Associated With the Acquisition of Urokinase
Date:4/23/2008

TUCSON, Ariz., April 23 /PRNewswire-FirstCall/ -- ImaRx Therapeutics, Inc. (Nasdaq: IMRX) today announced that it has entered into an agreement with Abbott Laboratories pursuant to which it has satisfied its obligations under its $15 million non-recourse promissory note with Abbott issued in connection with its acquisition of urokinase. As a result, full title to the urokinase assets, including the remaining inventory of finished product, all regulatory and clinical documentation, validated cell lines, and intellectual property rights, now resides unencumbered with ImaRx.

Urokinase is a thrombolytic drug, formerly marketed under the brand name Abbokinase(R) and recently re-branded as Kinlytic(TM). Urokinase is FDA approved and marketed for the treatment of acute massive pulmonary embolism, or blood clots in the lungs.

As of March 31, 2008, the remaining balance due under the note net of funds that were held in escrow totaled approximately $10.8 million. Pursuant to the terms of the agreement, all of ImaRx's obligations under the $15 million non-recourse promissory note were fully satisfied in exchange for the payment of $5,177,609 in cash to Abbott and the satisfaction of certain payment obligations relating to the storage of certain cell banks and recombinant samples at a contract research organization.

Bradford A. Zakes, President and CEO of ImaRx Therapeutics, stated, "We are pleased to have reached agreement with Abbott Laboratories on the satisfaction of this debt obligation. This now ensures that we have complete ownership of the asset, which will enable us to continue to commercialize this product and to provide patients and their doctors access to this important therapeutic."

About ImaRx Therapeutics

ImaRx Therapeutics is a biopharmaceutical company commercializing and developing therapies for vascular disorders. The Company's commercialization efforts are currently focused on its product, urokinase for the treatment of acute massive pulmonary embolism. The Company's research and development efforts are focused on therapies for stroke and other vascular disorders using its proprietary microbubble technology.

About Urokinase

In 2006, ImaRx acquired urokinase and all related assets, including approximately a four-year supply of inventory as well as cell lines and manufacturing rights to the drug. Since October 2006, ImaRx has been selling its urokinase inventory in the U.S. market, where it is estimated to be listed on pharmacy formularies at approximately 700 acute care hospitals.

Urokinase is a thrombolytic or clot-dissolving agent indicated for the treatment of acute massive pulmonary embolism, or blood clots in the lungs. The product has been commercialized for more than 20 years and has been administered to greater than four million patients.

Forward Looking Statements

Statements in this press release about future expectations, plans and prospects for the Company constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks related to our ability to successfully commercialize urokinase and other important risks relating to the Company's business, prospects, financial condition and results of operations that are discussed in the Section titled "Risk Factors" in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2007, which has been filed with the SEC.

Contacts:

The Ruth Group (Investors/Media)

Sara Ephraim/Jason Rando

sephraim@theruthgroup.com

jrando@theruthgroup.com


'/>"/>
SOURCE ImaRx Therapeutics, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. ImaRx Therapeutics Receives Notification from NASDAQ Regarding Non-Compliance with NASDAQs Minimum Bid Price Requirement
2. ImaRx Therapeutics Reports Business Update and Financial Results for Fourth Quarter and Full Year 2007
3. ImaRx Reschedules Release of Corporate Updates and Fourth Quarter and Full Year 2007 Financial Results
4. ImaRx to Report Corporate Updates and 4Q07 Financial Results
5. ImaRx Therapeutics Receives Urokinase Lot Release Approval With Extended Expiration Dating
6. Sirion Therapeutics Preclinical Studies: Two New Potential Advances in Treatment of Retinal Diseases to be Presented at ARVO
7. CardioVascular BioTherapeutics, Inc. Announces Update on Timing of Form 10-K Filing
8. Cell Therapeutics, Inc. Announces Receipt of Letter From the NASDAQ Stock Market Regarding Non-Compliance With the Minimum Bid Price Requirement
9. BioSpace and IBC Life Sciences Announce Career Fair Alliance For Drug Discovery & Development of Innovative Therapeutics World Congress
10. Lorus Therapeutics presents new findings for the anticancer drugs LOR-253 and LOR-2040
11. CV Therapeutics Announces $185 Million Transaction with TPG-Axon Capital for Half of Royalty for Lexiscan(TM) (regadenoson) Injection
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... /PRNewswire/ - BIOREM Inc. (TSX-V: BRM) ("Biorem" or "the Company") ... shareholders, Clean Technology Fund I, LP and Clean Technology ... based venture capital funds which together hold approximately 59% ... diluted, as converted basis), that they have entered into ... holdings in Biorem to TUS Holdings Co. Ltd. ("TUS") ...
(Date:6/27/2016)... ... June 27, 2016 , ... Newly created 4Sight ... solutions to the healthcare market. The company's primary focus is on new product ... marketing strategies that are necessary to help companies efficiently bring their products to ...
(Date:6/24/2016)... TOKYO , June 24, 2016  Regular discussions on ... to take place between the two entities said Poloz. ... in Ottawa , he pointed to the ... and the federal government. ... Poloz said, "Both institutions have common economic goals, why not ...
(Date:6/23/2016)... (PRWEB) , ... June 23, 2016 , ... ... the release of its second eBook, “Clinical Trials Patient Recruitment and Retention Tips.” ... and retention in this eBook by providing practical tips, tools, and strategies for ...
Breaking Biology Technology:
(Date:6/15/2016)... , June 15, 2016 ... market report titled "Gesture Recognition Market by Application Market - Global ... 2016 - 2024". According to the report, the  global ... billion in 2015 and is estimated to grow ... 48.56 billion by 2024.  Increasing application ...
(Date:6/7/2016)... 2016  Syngrafii Inc. and San Antonio Credit ... includes integrating Syngrafii,s patented LongPen™ eSignature "Wet" solution ... will result in greater convenience for SACU members ... maintaining existing document workflow and compliance requirements. ... Highlights: ...
(Date:6/2/2016)... YORK , June 2, 2016   The Weather ... is announcing Watson Ads, an industry-first capability in which consumers ... by being able to ask questions via voice or text ... Marketers have long sought ... the consumer, that can be personal, relevant and valuable; and ...
Breaking Biology News(10 mins):