Watch tomorrow. 8K filed Friday. Biotech low float, sold assets, initial $500K up to $60M upon reaching certain milestones
“On October 22, 2024 (the “Closing Date”), MEI Pharma, Inc., a Delaware corporation (the “Company”), and Aardvark Therapeutics, Inc., a Delaware corporation (the “Purchaser”), entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”), pursuant to which the Company sold its rights, title and interest in and to certain assets related to ME-344 (the “Program Candidate”), including relevant intellectual property rights, technology and contracts. Pursuant to the Asset Purchase Agreement, the Purchaser paid the Company an initial payment of $500,000 in cash plus the Reimbursement Amount (as defined in the Asset Purchase Agreement) at the closing of the transactions contemplated by the Asset Purchase Agreement (the “Closing”) and may make payments up to $62 million after the Closing (the “Milestone Payments”), payable upon the achievement of certain milestones regulatory approval and sales related to the Program Candidate (the “Milestone Events”). The Purchaser also assumed certain liabilities of the Company arising after the Closing, including liabilities arising under the transferred contracts.”
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