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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Aevi Genomic Medicine Inc    GNMX

AEVI GENOMIC MEDICINE INC

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AEVI GENOMIC MEDICINE, INC. : Entry into a Material Definitive Agreement (form 8-K)

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07/19/2019 | 04:07pm EDT

Item 1.01. Entry into a Material Definitive Agreement.

On July 19, 2019, Aevi Genomic Medicine, Inc. (the "Company") entered into a Royalty Agreement (the "Royalty Agreement") with Michael F. Cola ("Mr. Cola"), Joseph J. Grano, Jr. ("Mr. Grano"), Kathleen Jane Grano, Joseph C. Grano, The Grano Children's Trust, Joseph C. Grano, trustee and LeoGroup Private Investment Access, LLC on behalf of Garry A. Neil ("Mr. Neil") (each individually, an "Investor" and collectively, the "Investors"), pursuant to which the Company granted to the Investors certain rights to royalty payments made in connection with that certain Exclusive License Agreement, dated July 15, 2019 (the "License Agreement"), by and between the Company and OSI Pharmaceuticals, LLC, an indirect wholly-owned subsidiary of Astellas Pharma Inc. ("Astellas"). Mr. Cola is President and Chief Executive Officer of the Company and a member of its board of directors (the "Board"), Mr. Neil is the Chief Scientific Officer of the Company and Mr. Grano is a member of the Board and is affiliated with the three other Investors party to the Royalty Agreement.

Under the terms of the License Agreement, the Company has exclusive license rights for the worldwide development and commercialization of Astellas' second generation mTORC1/2 inhibitor, ASP7486 (OSI-027) (individually, an "OSI Product" and collectively, the "OSI Products"). Pursuant to the terms of the Royalty Agreement, in exchange for a one-time aggregate payment of $2,000,000 (the "Purchase Price") made by the Investors to the Company, the Company will pay to the Investors, on a quarterly basis during the term of the Royalty Agreement, an aggregate amount equal to a low-single digit percentage of the aggregate net sales of the OSI Products for such quarter (the "Royalty Amount"). The Royalty Amount will be paid to each Investor based on such Investor's pro rata percentage of the Purchase Price. At any time beginning three years after the date of the first public launch of an OSI Product (the "Buyout Payment Date"), the Company may exercise, at its sole discretion, a buyout option that terminates the Company's further obligations under the Royalty Agreement in exchange for a payment to Investors of an aggregate of 75% of the net present value of the royalty payments (as determined by a mutually agreeable independent valuation firm) otherwise likely to be due under the Royalty Agreement from the Buyout Payment Date through the later of the end of data regulatory exclusivity and the date upon which the last of the patents relating to the OSI Products expire.

The Royalty Agreement was approved by the disinterested members of the Board and its Audit Committee. The foregoing description of the Royalty Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Royalty Agreement, a copy of which the Company expects to file as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending June 30, 2019, portions of which will be subject to a confidential treatment request to the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2019 -
EBIT 2019 -25,1 M
Net income 2019 -25,1 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -0,41x
P/E ratio 2020 -1,01x
Capi. / Sales2019 infx
Capi. / Sales2020 infx
Capitalization 11,8 M
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Mean consensus UNDERPERFORM
Number of Analysts 2
Average target price 0,50  $
Last Close Price 0,18  $
Spread / Highest target 174%
Spread / Average Target 174%
Spread / Lowest Target 174%
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Managers
NameTitle
Michael F. Cola President, Chief Executive Officer & Director
Sol J. Barer Non-Executive Chairman
Brian D. Piper Chief Financial & Accounting Officer, Secretary
Garry Arthur Neil Chief Scientific Officer
Eugene Andrew Bauer Independent Director
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