Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.ImaRx Therapeutics 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, a thrombolytic drug.
Subscribe to our email newsletter
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.
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 $5.18 million 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 Zakes, president and CEO of ImaRx, said: “We are pleased to have reached agreement with Abbott 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.”