October 27, 2008. If Alseres exercises this option, the pre-commercial
milestone payments in the amended license agreement will be reduced
from $25 million to $7 million and payable on or before December 31,
2009. In addition, the sales-based royalties in the amended license
agreement will be reduced from 10-12% to 4% for spinal cord injury and
1% for all other indications.
-- In March, Alseres entered into an agreement that provides for the
Company to borrow $5 million from Robert L. Gipson, an existing lender.
The agreement further provides that the Company may borrow up to an
additional $5 million from any existing lender under the agreement on
the same terms and conditions.
We are pursuing a growing number of confidential partnering discussions with leading companies regarding our molecular imaging, our nerve repair and our regenerative therapy programs and assets. Our recent agreement to improve the terms of the Cethrin license may represent a major step forward for Alseres in realizing the full value of our Cethrin spinal cord program and our Rho inhibitor technology platform and, most importantly, may open up key partnering opportunities.
Our primary objective is to bring our promising lead products to market
efficiently. Our ability to accomplish our commercialization objective is
enabled by an organization that has developed credible relationships with
regulatory authorities, world experts and potential partners. In that
regard, I am pleased to acknowledge that MIT Professor Robert Langer, a
member of our Board and Chairman of our Science and Technology Committee,
has been awarded the 2008 Millennium Technology Prize for intelligent drug
delivery. The Prize, which is the world's largest for technology
innovation, is given by the Technology Academy Finland. Professor Robert
Langer's innovations have had a s
|SOURCE Alseres Pharmaceuticals, Inc.|
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