Summary by Moomoo AI
On April 25, 2024, Clene Inc., along with its wholly owned subsidiary Clene Nanomedicine, Inc., amended and restated key agreements with 4Life Research, LLC, a health supplements supplier and related party. The agreements, originally established in August 2018, include an exclusive supply agreement and a license agreement, collectively known as the Amended 4Life Agreements. Under the supply agreement, 4Life will exclusively purchase certain dietary and non-pharmaceutical products from Clene, with a purchase price set at the company's cost plus 20%. 4Life is obligated to meet minimum sales commitments through 2033, with the potential for exclusivity to become non-exclusive if certain conditions are not met. The license agreement grants 4Life an exclusive license to use, sell, and commercialize the products, with a royalty rate of 3% on incremental sales. Both agreements are set to continue until December 31, 2033, with provisions for early termination under specific circumstances and potential renewal for additional five-year terms. The full text of both agreements has been filed with the SEC and incorporated into Clene's Current Report on Form 8-K.