BioCentury
ARTICLE | Company News

ImaRx, Microbix deal

May 12, 2008 7:00 AM UTC

The companies signed a letter of intent for Microbix to acquire ImaRx’s Kinlytic urokinase (formerly Abbokinase) inventory and related assets for $12 million up front, plus up to $5 million for an inventory stability milestone. ImaRx expects the milestone, which would be triggered by FDA extending the expiration date of existing inventory, to occur in 1H09. The deal is expected to close June 23.

Microbix plans to spin the assets out into newco Klarogen Biotherapeutics Inc., which will be located in Toronto, Ontario. An undisclosed investor will provide the $17 million for acquiring Kinlytic and will invest an additional $13 million in the newco. Microbix will retain an undisclosed majority equity stake in Klarogen. Microbix also will transfer staff to the newco but has not yet named management. ...