Microbix to Acquire Commercialized Thrombolytic and Related Assets for $17
TUCSON, Ariz., May 7 /PRNewswire-FirstCall/ -- ImaRx Therapeutics, Inc. (Nasdaq: IMRX) today announced that it has signed a letter of intent in which Microbix Biosystems will acquire urokinase inventory and related assets from ImaRx for $17 million in cash. Urokinase is an FDA-approved thrombolytic, or clot-dissolving agent, indicated for the treatment of acute massive pulmonary embolism. ImaRx acquired an approximate four year inventory of the product from Abbott Laboratories and has been selling the product from inventory since 2006.
Bradford A. Zakes, President and CEO of ImaRx, stated, "The proceeds to be generated through this transaction provide ImaRx with a solid source of non- dilutive financing. We are very pleased with the terms under which we have reached agreement with Microbix on the sale of our urokinase asset. Through this transaction, ImaRx will have gained access to operating capital under favorable economic terms that will enable the company to continue the advancement of our core SonoLysis technology."
Under terms of the agreement, Microbix will acquire the urokinase product and related assets for an upfront payment of $12 million plus an additional $5 million upon achievement of an inventory stability milestone. Upon closing, Microbix will assume full responsibility for urokinase, including sales, marketing and regulatory compliance requirements. To facilitate the inventory stability milestone, Microbix will engage ImaRx in a support services agreement.
ImaRx had previously announced in January 2008 that it had signed a
letter of intent to partner with Microbix in the transfer
|SOURCE ImaRx Therapeutics, Inc.|
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