Original AL001 License:
Payment |
|
|
Due Date |
|
Event |
$ |
65,000 |
|
|
6 months from the June 30, 2021 IND filing date |
|
IND application filing |
|
|
|
|
|
|
|
$ |
190,000 |
|
|
12 months from the June 30, 2021 IND filing date |
|
Upon first dosing of patient in a clinical trial |
|
|
|
|
|
|
|
$ |
500,000 |
|
|
12 months from first patient dosing |
|
Upon Completion of first clinical trial |
|
|
|
|
|
|
|
$ |
1,250,000 |
|
|
12 months from completion of the first Phase II clinical trial |
|
Upon first patient treated in a Phase III clinical trial |
|
|
|
|
|
|
|
$ |
10,000,000 |
|
|
8 years from the effective date of the agreement |
|
Upon FDA approval |
AL002 License:
Payment |
|
|
Due Date |
|
Event |
$ |
50,000 |
|
|
Upon IND application filing |
|
Upon IND application filing |
|
|
|
|
|
|
|
$ |
50,000 |
|
|
12 months from IND application filing date |
|
Upon first dosing of patient in first Phase I clinical trial |
|
|
|
|
|
|
|
$ |
175,000 |
|
|
12 months from first patient dosed in Phase I |
|
Upon completion of first Phase I clinical trial |
|
|
|
|
|
|
|
$ |
500,000 |
|
|
24 months from completion of first Phase I clinical trial |
|
Upon completion of first Phase II clinical trial |
|
|
|
|
|
|
|
$ |
1,000,000 |
|
|
12 months from completion of the first Phase II clinical trial |
|
Upon first patient treated in a Phase III clinical trial |
|
|
|
|
|
|
|
$ |
10,000,000 |
|
|
7 years from the effective date of the agreement |
|
Upon FDA BLA approval |
If the Company fails to meet
a milestone by its specified date, the licensor may terminate the license agreement.
Licensor was also granted
a preemptive right to acquire such shares or other equity securities that may be issued from time to time by the Company while Licensor
remains the owner of any equity securities of the Company.
There are certain license
fees and milestone payments required to be paid pursuant to the terms of the Standard Exclusive license agreements with Sublicensing
Terms, both effective July 2, 2018, (the “AL001 license agreements”) with Licensor and the University of South Florida.
In
addition, a royalty payment of 3% is required pursuant to License #18110 while License #1811 requires a royalty payment of 1.5% on net
sales of products developed from the licensed technology. Additionally, the Company is required to pay milestone payments on the due
dates to Licensor for the license of the technology, as follows:
Additional AL001 Licenses:
Payment |
|
|
Due Date |
|
Event |
$ |
50,000 |
|
|
December 31, 2022 |
|
IND application filing |
|
|
|
|
|
|
|
$ |
150,000 |
|
|
12 months from IND filing date |
|
Upon first dosing of patient in a clinical trial |
|
|
|
|
|
|
|
$ |
400,000 |
|
|
12 months from first patient dosing |
|
Upon Completion of first clinical trial |
|
|
|
|
|
|
|
$ |
1,000,000 |
|
|
36 months from completion of the first Phase II clinical trial |
|
Upon first patient treated in a Phase III clinical trial |
|
|
|
|
|
|
|
$ |
8,000,000 |
|
|
8 years from the effective date of the agreement |
|
First commercial sale |
|