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.
Angion Biomedica Corporation published this content on 30 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2021 11:11:02 UTC.