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news.ImaRx Therapeutics has signed a letter of intent in which Microbix Biosystems will acquire urokinase inventory and related assets from ImaRx for $17 million in cash.
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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.
Urokinase is an FDA-approved thrombolytic, or clot-dissolving agent, indicated for the treatment of acute massive pulmonary embolism.
Bradford Zakes, president and CEO of ImaRx, said: “The proceeds to be generated through this transaction provide ImaRx with a solid source of non- dilutive financing. 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.”