ImaRx Therapeutics, Inc. (NASD: IMRX) has recently signed a letter of intent stating that Microbix Biosystems will acquire urokinase inventory and related company assets from ImaRx for $17 million in cash.
Urokinase, an FDA-approved thrombolytic, is a treatment for acute massive pulmonary embolism. It has been commercialized for more than 20 years and has been used on more than 4 million patients. Since 2006, ImaRx has been selling urokinase for medical purposes since they acquired a four-year inventory of the product from Abbott Laboratories. The company’s stock rose 154.62% on Wednesday.
The terms of the agreement state that Microbix will pay $12 million upfront and an additional $5 million after the inventory has been stabilized. Microbix will be taking full responsibility for all sales involving urokinase, as well as the marketing and regulatory compliance requirements. ImaRx will be assisting Micorbix as part of a services agreement.
“The proceeds to be generated through this transaction provide ImaRx with a solid source of non- dilutive financing. We are very pleased with the terms under which we have reached agreement with Microbix on the sale of our urokinase asset,” said Bradford A. Zakes, President and CEO of ImaRx. “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.
“Whereas we viewed the manufacturing partnership with Microbix under the structure of our original letter of intent as an attractive means of maintaining an ongoing supply of urokinase in the marketplace, we ultimately concluded that selling the entire asset to Microbix created an even greater value proposition for ImaRx by enabling the company to accelerate the monetization of our existing inventory and utilize the proceeds towards the advancement of our SonoLysis program,” concluded Mr. Zakes.
ImaRx Therapeutics, Inc. is a biopharmaceutical company that engages in developing and commercializing therapies for vascular disorders in the U.S. The company focuses on research and development of therapies for stroke and other vascular disorders using their proprietary microbubble technology.
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