Navigation Links
ImaRx Therapeutics Satisfies Abbott Note Obligation Associated With the Acquisition of Urokinase

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.


The Ruth Group (Investors/Media)

Sara Ephraim/Jason Rando

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:
(Date:11/24/2015)... /CNW/ - iCo Therapeutics ("iCo" or "the Company") (TSX-V: ... the quarter ended September 30, 2015. Amounts, unless ... presented under International Financial Reporting Standards ("IFRS"). ... Andrew Rae , President & CEO of ... only value enriching for this clinical program, but ...
(Date:11/24/2015)... , November 24, 2015 ... market research report "Oligonucleotide Synthesis Market by Product & ... Gene Synthesis, Diagnostic, DNA, RNAi), End-User (Research, Pharmaceutical & ... by MarketsandMarkets, the market is expected to reach USD ... 2015, at a CAGR of 10.1% during the forecast ...
(Date:11/24/2015)...  Tikcro Technologies Ltd. (OTCQB: TIKRF) today announced that its Annual General ... a.m. Israel time, at the law offices of ... 36 th Floor, Tel Aviv, Israel . ... Izhak Tamir to the Board of Directors; , election ... , approval of an amendment to certain terms of options granted to ...
(Date:11/24/2015)... ... November 24, 2015 , ... ... Technologies, Inc., on being named to Deloitte's 2015 Technology Fast 500 list of ... OrthoAccel manufactures AcceleDent®, a FDA-cleared, Class II medical device that speeds up orthodontic ...
Breaking Biology Technology:
(Date:10/29/2015)... , Oct. 29, 2015   MedNet Solutions , ... entire spectrum of clinical research, is pleased to announce ... Tech Association (MHTA) as one of only three finalists ... "Software – Small and Growing" category. The Tekne Awards honor ... have shown superior technology innovation and leadership. ...
(Date:10/29/2015)... BOSTON , Oct. 29, 2015  Connected health ... phenomena driving the explosion of technology-enabled health and wellness, ... his new book, The Internet of Healthy ... apps, sensors or smartphones even existed, Dr. Kvedar, vice ... model of health care delivery, moving care from the ...
(Date:10/27/2015)... October 27, 2015 Munich, ... Gaze Mapping technology (ASGM) automatically maps data from mobile ... Glasses , so that they can be quantitatively ... Munich, Germany , October 28-29, 2015. ... data from mobile eye tracking videos created with ...
Breaking Biology News(10 mins):