Acusphere Amends Terms Of License Agreement With Cephalon
Cephalon, no longer obligated to make a $15 million milestone payment
Acusphere has cancelled Cephalon's $15 million Senior Secured Convertible Note. It has amended March and November 2008 License Agreements with Cephalon, for the oncology applications of Acusphere's Hydrophobic Drug Delivery System technology, and AI-525, an intravenous formulation of celecoxib.
Under the terms of amended License Agreements, Cephalon is no longer obligated to make a $15 million milestone payment or any royalty payments upon approval of AI-525. Moreover, Cephalon will assume primary responsibility for patent prosecution of licensed technology.
Cephalon's Pledge and Security Agreement, and Registration Rights Agreement have also been terminated, and Cephalon no longer has a security interest in any of Acusphere's assets.
Cephalon no longer has any rights related to equity ownership in Acusphere nor any product rights to Imagify (Perflubutane Polymer Microspheres) for Injectable Suspension, the company said.
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