CBIO has on agreements with Pfizer and ISU Abxis:
Pfizer
On August 20, 2013 the Company and Pfizer entered into an amendment to the Factor VIIa collaboration agreement whereby the companies
agreed to
provide specific mutual releases and covenants and modify certain milestone payment schedules in the agreement. Per the amendment, Pfizer agreed to make
two non-refundable $1.5 million annual license maintenance payments to the Company,
payable on August 1, 2014 and August 1, 2013. The annual license
maintenance payments received were being amortized to contract revenue over the estimated expected performance period under the arrangement, which the
Company estimated was
to the end August 1, 2015.
On April 2, 2015, Pfizer notified the Company that it was exercising its right to terminate in its
entirety the collaboration agreement. The termination became
effective 60 days after the Company’s receipt of the termination notice. On June 1, 2015, the license and certain rights under the research and license
agreement terminated and
reverted back to the Company. Pfizer is in the process of transferring clinical trial data, regulatory documentation and related
technology under the research and license agreement to the Company. The Company plans to continue clinical development
of this product candidate. The
Company revised the expected period of performance to end on June 1, 2015, which was the effective termination of all performance obligations of the
Company under the research and license agreement. Accordingly,
all deferred revenue was recognized through June 1, 2015.
Contract revenue related to the agreement with Pfizer was zero and $0.6 million
during the three months ended March 31, 2016 and 2015, respectively.
ISU Abxis
On June 16, 2013, the Company entered into a license and collaboration agreement with ISU Abxis, whereby the Company licensed its
proprietary human
Factor IX products to ISU Abxis for initial development in South Korea. Under the terms of the agreement, ISU Abxis is responsible for development and
manufacturing of the licensed products through Phase 1/2 clinical trials.
Until the completion of Phase 1/2 development, ISU Abxis also has a right of first
refusal with respect to commercialization rights for the licensed products in South Korea. The Company has the sole rights and responsibility for worldwide
development, manufacture and commercialization of Factor IX products after Phase 1/2 development, unless ISU Abxis has exercised its right of first refusal
regarding commercialization rights in South Korea, in which case the Company’s
rights are in the entire world excluding South Korea. ISU’s rights will also
terminate in the event that the Company enters into a license agreement with another party to develop, manufacture and commercialize Factor IX products in
at least two
major market territories.
ISU Abxis paid the Company an up-front signing fee of $1.75 million and is obligated to pay to the Company
contingent milestone-based payments on the
occurrence of certain defined development events, and reimbursement for a portion of the Company’s costs relating to intellectual property filings and
maintenance thereof on products. The Company is
obligated to pay ISU Abxis a percentage of all net profits it receives from collaboration products.
Contract revenue of $0.1 million for
both the three months ended March 31, 2016 and 2015, reflected the amortization of the up-front fee over the estimated
period of the Company’s performance obligations under the agreement, which was assessed to be four years beginning in
September 2013 when the
agreement was executed. The deferred revenue balance related to the ISU Abxis collaboration was $0.6 million and $0.7 million as of March 31, 2016, and
December 31, 2015, respectivel
News 
Market Data 
Discover 
