Item 1.01. Entry into a Material Definitive Agreement.
On
As consideration for the License Agreement, Ocuphire will receive 44,689 shares
of Processa common stock and a
Processa is required to use commercially reasonable efforts, at its sole cost and expense to oversee such commercialization efforts, to research, develop and commercialize products in one or more countries, including meeting specific diligence milestones that consist of: (i) first patient administered drug in a clinical trial of a licensed product prior to the three (3) year anniversary of the effective date; and (ii) first patient administered drug in a pivotal clinical trial of a licensed product or first patient administered drug in a clinical trial for a second indication of a licensed product prior to the five (5) year anniversary of the effective date. Either party may terminate the agreement in the event of a material breach of the agreement that has not been cured following written notice and a 120-day opportunity to cure such breach, and Processa may terminate the agreement for any reason upon 120 days prior written notice to Ocuphire.
The above summary of the License Agreement above is not complete and is subject to the full terms and conditions of such agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Exhibit Description 10.1* License Agreement datedJune 16, 2021
* Certain schedules have been omitted pursuant to Item 601(a)(5) of Regulation
S-K. A copy of any omitted schedule will be furnished to the
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