Claritas Pharmaceuticals Inc V.CLAS.H

big news

[maverick2004]

 

Kalytera Therapeutics, Beetlebund licence agreement

 

2021-03-03 20:37 ET - Property Agreement

 

The TSX Venture Exchange has accepted for filing documentation a licence agreement dated March 30, 2018, between the company and Beetlebung Pharma Ltd. Pursuant to the terms of the agreement, the company has obtained a worldwide exclusive licence with respects to its cannabinoid-based compound with the vendor, and with which the vendor has built a development program for the treatment of acute and chronic pain. As total consideration, the company has decided to provide the vendor with a variety of milestone payments described as follows:

 

• An aggregate set of cash payments equivalent to approximately $4,325,000 (U.S.) is set to be paid upon completing specific milestones as per the terms of the agreement subject to additional sublicensing fees;
• A success fee will be payable upon receiving approval by the U.S. Food and Drug Administration (FDA) with consideration to the vendor satisfied through the issuance of an aggregate of 6.5 million common shares and a cash payment equal to:
  • The amount by which the closing price of the company's shares on the exchange on the date on which FDA approval is announced multiplied by 5 per cent of the company's issued and outstanding shares at that time exceeds the value of the success fee shares.

 

Under the terms of the agreement, the vendor will also be eligible to reserve a 5-per-cent royalty payment from the net sales of the cannabinoid-based compound in each country in which the applicable patent is covered by. In addition, the company will be liable to pay a cash payment of $150,000 (U.S.) upon the issuance of the first patent in each the following jurisdictions:

 

1. The United States;
2. Japan;
3. Any one of the five major European countries mentioned below:
   • Germany;
   • France;
   • The United Kingdom;
   • Spain;
   • Italy.

 

 

Insider/pro group participation:  none

 

For more information, please reference the company's news releases dated April 13, 2018, and Feb. 24, 2021.

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