ImaRx Therapeutics sells urokinase business to Microbix Biosystems

Under terms of the agreement, Microbix has acquired the urokinase inventory, regulatory filings and related assets for an upfront payment of $2 million and the assumption of $500,000 in chargeback liabilities for commercial product currently in the distribution channel.

An additional $2.5 million payment will be made to ImaRx upon release by the FDA of the three lots of urokinase that are currently subject to a May 2008 approvable letter.

Through this transaction, Microbix has acquired the remaining urokinase inventory and related assets and has assumed full responsibility for ongoing commercial and regulatory activities associated with the product. Urokinase is an FDA-approved thrombolytic, or clot-dissolving agent, indicated for the treatment of acute massive pulmonary embolism.

ImaRx intends to utilize the proceeds from this transaction to fund operations as it continues to evaluate strategic alternatives pertaining to its SonoLysis program and other corporate assets.

Bradford Zakes, president and CEO of ImaRx, said: “We are pleased to have completed this transaction with Microbix. Their in-depth knowledge of this product and biologics manufacturing expertise uniquely positions them to provide long-term support for this medically important product in the marketplace.”