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news.Microbix Biosystems and ImaRx Therapeutics have agreed to terminate the previously announced letter of intent in which Microbix offered to acquire the urokinase inventory and related assets from ImaRx for $17 million.
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Microbix had intended to spin off its own urokinase assets into a new private company, Klarogen Biotherapeutics, which would have purchased the urokinase assets of ImaRx.
But ImaRx was notified by the FDA, after the letter of intent (LOI) was signed, that additional testing would be required for approval of the urokinase stability testing program and release of labeled vials of urokinase.
ImaRx also subsequently informed Microbix that it intended to complete the additional urokinase stability testing and submit it to the FDA by August 2008 and that, as a result, ImaRx would not be in a position to begin sales of its labeled vials of urokinase with extended expiration dating until the Fall of 2008, assuming FDA approval. These two events are said to have prompted the decision to terminate the LOI.
Now that the LOI has been terminated, Microbix will continue to work with a number of parties and ImaRx to determine the most logical and fundable path forward with respect to the acquisition of the ImaRx urokinase assets.