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Tuesday, November 07, 2017 5:51:24 PM
http://secfilings.nasdaq.com/filingFrameset.asp?FilingID=12363629&RcvdDate=11/7/2017&CoName=VERICEL%20CORP&FormType=10-Q&View=html
License Agreement
On May 10, 2017, the Company announced that it has entered into a License Agreement (License Agreement) with Innovative Cellular Therapeutics Co. Ltd, (ICT), a leading cell therapy company and developer of CAR-T cell therapy for cancer treatment,
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for the development and distribution of the Vericel product portfolio in Greater China, South Korea, Singapore, and other countries in Asia. ICT will acquire an exclusive license to certain patent rights, know-how and intellectual property relating to Carticel, MACI, ixmyelocel-T, and Epicel as well as enter into a warrant purchase agreement. As part of the license and warrant purchase agreements, the Company will receive an upfront payment of $6.0 million , less any applicable taxes, within 60 days of the effective date of the License Agreement. The initiation of the technology transfer, the license grants in the License Agreement and the warrant purchase are contingent upon Vericel’s receipt of the upfront payment. Vericel is eligible to receive approximately $8.0 million in development and commercial milestones. ICT has also agreed to pay tiered royalties to Vericel equal to a percentage of net sales of each Licensed Product in the low double digits for the commercial life of the applicable Licensed Product. ICT will be responsible for funding the development of the programs and manufacturing of the products for commercialization in China and the rest of the territory. The funding transfer is subject to approval by the State Administration of Foreign Exchange of the People's Republic of China and has not occurred as of issuance date of the financial statements. As a result, the parties have amended the agreement monthly to provide additional time for ICT to pay and reset certain terms of the warrant. The initiation of the technology transfer, the license grants in the License Agreement and the warrant purchase have not occurred. As partial consideration for an amount included in the upfront payment Vericel will issue to ICT a warrant, exercisable for the number of shares of Vericel’s Common Stock equal to $5.0 million less the withholding tax payable thereon divided by $4.90 currently (formerly $3.05 ), with a strike price of $0.01 per share.
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VCEL
Recent VCEL News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/14/2024 08:05:30 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/13/2024 08:13:39 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/12/2024 08:18:41 PM
- Vericel to Present at the Truist Securities MedTech Conference on Tuesday, June 18, 2024 • GlobeNewswire Inc. • 06/11/2024 12:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 08:05:33 PM
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- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/21/2024 08:07:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/21/2024 08:05:26 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/20/2024 04:15:48 PM
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- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/16/2024 02:43:20 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/15/2024 05:10:15 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/08/2024 12:59:38 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/08/2024 12:10:26 PM
- Vericel Reports First Quarter 2024 Financial Results and Raises Full-Year 2024 Financial Guidance • GlobeNewswire Inc. • 05/08/2024 11:55:00 AM
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- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/11/2024 08:15:39 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/11/2024 08:08:51 PM
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- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/08/2024 10:12:22 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 02/29/2024 01:04:33 PM
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