Item 1.02. Termination of a Material Definitive Agreement.
On
As previously disclosed, the Agreement focused on the use of exosomes for
non-viral delivery of AAV, gene-editing and RNA therapeutics to address five
agreed targets associated with neuromuscular diseases. Pursuant to the
Agreement, the Company received funding to conduct collaborative research and
Sarepta had options to enter into exclusive, worldwide licenses for each of the
agreed targets to develop, commercialize and manufacture therapeutic candidates
developed using the Company's engEx Platform. Under the terms of the Agreement,
the Company received up-front and non-refundable cash payments totaling
Under the terms of the Agreement, the Company granted to Sarepta a non-exclusive, royalty-free, worldwide license, with a limited right to sublicense, to use certain intellectual property of the Company in the conduct of activities for which Sarepta was responsible under the Agreement. The Company also granted to Sarepta an option to obtain an exclusive, worldwide, sublicensable license to use certain intellectual property of the Company for the development, manufacturing and commercialization of exosome therapeutic candidates directed to one or more of the five agreed targets. As a result of the termination, each of the license and option granted to Sarepta shall terminate in its entirety, according to the terms of the Agreement, and the Company shall regain all rights previously granted to Sarepta.
A copy of the Agreement was filed as Exhibit 10.15 to the Company's Registration
Statement on Form S-1, filed on
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