siRNA patent license (I will get to the Hema later when I have a chance): Assuming all negotiations have been successful and judging by Koos's stated plan, they have been: (As of June 2012)
Oh, but note: Koos has no intention whatsoever to merge with a BP or be acquired. It is his plan to obtain then facilitate the necessaries required to perfect certain sciences/treatments, taking them into P1 or P2. Once success in human application is established during one or both of these trials, basically all of the hard work is done. That is when BP steps in to purchase. Depending on the treatment/science, there will be all out bidding wars. There can be an outright purchase for the patent by BP or there can be a similar negotiation as in the case for this particular technology between Regen & OHSU.
BMSN will pay OHSU (Oregon Health & Science University) a license issue payment of Thirty-five Thousand Dollars ($35,000) within 30 days after the Effective Date. Option fees may be credited towards this license fee.
BMSN will pay OHSU the following amounts within 30 days of Licensee or any Sublicensee achieving each of the following milestones:
$25,000 on the enrollment of the first patient in a Phase I clinical trial anywhere in the world for each Licensed Product.
$150,000) on the enrollment of the first patient in a Phase III clinical trial anywhere in the world for each Licensed Product.
$250,000 on the first regulatory approval anywhere in the world for each Licensed Product.
2% Of Net Sales for royalty payment outside the Least Developed Countries; which percentage may be reduced in half where the Licensed Product embodies solely the Know-How and not the Patent Rights.
1% Of Net Sales solely within any of the Least Developed Countries that exceed Costs.
For the first four years until the first Net Sale, BMSN will pay OHSU a license maintenance payment of $1,000 by each anniversary of the Effective Date. Beginning in year 5 until the first Net Sale, BMSN will pay OHSU a license maintenance payment of then $5,000 by each anniversary of the Effective Date.
Commencing on the first January 1 to occur after the first Net Sale, and for each year thereafter, BMSN will pay to OHSU minimum annual royalty of $10,000. OHSU will credit payment of minimum royalties received against any subsequent royalty payments made by BMSN, but only for the year in which the minimum annual royalty was received.
Technology Sublicensee Payments. BMSN will pay OHSU the percentage set forth below of all remuneration received from a Technology Sublicensee, whether in the form of money, equipment, property, equity, debt financing or any other cash or noncash consideration, other than sales generating royalty payments to OHSU. The Parties will negotiate in good faith to determine the fair market value of all noncash remuneration within 30 days of receipt, and BMSN will pay OHSU such amount by the end of such 30 day period.
30% in the 1st year.
25% in the 2nd year.
20% in the 3rd year.
15% in the 4th year and thereafter.
Reimbursement of Patent Costs. Within 30 days after the Effective Date, BMSN will pay OHSU the sum of $9,167.12, which represents Patent Costs incurred by OHSU as of April 30, 2012. BMSN will also reimburse OHSU for all Patent Costs occurring thereafter pursuant to Section.
BMSN will retain ALL commercial rights.
BMSN
Sometimes, you just have to walk away, let the dust settle and look at it all from a different perspective.
