Item 1.02 Termination of Material Definitive Agreement
On August 27, 2021, Angion Biomedica Corp. ("Angion") received written notice
from Sinovant Sciences HK Limited ("Sinovant") that on November 25, 2021
Sinovant intends to terminate its exclusive license agreement with Angion dated
August 22, 2018 (the "Agreement"), pursuant to which Sinovant is responsible for
the clinical development and, if approved, commercialization of ANG-3777 for all
indications within Greater China.
Specifically, Sinovant informed Angion that its decision to terminate the
Agreement is in no way related to the clinical development or economic potential
for ANG-3777 in Greater China but is entirely due to a change in Sinovant's
strategic direction. Based upon the terms of the Agreement, Sinovant must
provide Angion ninety days written notice to Angion prior to termination. There
are no fees, payments, or other financial remuneration due to either Angion or
Sinovant resulting from the termination of the Agreement.
Angion is evaluating its strategic options to maximize the value of the clinical
development and commercialization rights for ANG-3777 in Greater China,
including engaging in ongoing discussions with potential partners.
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