ImaRx, Microbix deal
Microbix acquired ImaRx's Kinlytic urokinase business at a much lower price than specified in the companies' previous agreement. Microbix paid $2 million in cash, and ImaRx is eligible to receive $2.5 million upon FDA approval of Kinlytic inventory that is undergoing stability testing. Microbix also will assume $500,000 in chargeback liabilities for commercial product.
On May 7, the companies announced a letter of intent for Microbix to acquire the business for $12 million up front and $5 million in milestones. On May 13, ImaRx received an FDA approvable letter requiring additional testing of its urokinase inventory. The companies announced they had terminated the original deal on June 11, saying that Microbix could not raise sufficient funds to complete the deal. According to Microbix, loss of revenues after the approvable letter caused ImaRx to lower its price, and Microbix was able to raise $2.5 million through a debenture from an undisclosed investor. ...