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Milestones up to 95M and 15% royalties were part of the initial deal.
Pursuant to the Purchase Agreement, we are entitled to receive an aggregate of $8 million from Oncologie, payable in three installments over a period of
approximately six and one-half months following the date of the Purchase Agreement, of which $3 million was received in March 2018 (first installment) and $3
million was received in June 2018 (second installment). We are also eligible to receive up to an additional $95 million in the event that Oncologie achieves certain
development, regulatory and commercialization milestones with respect to bavituximab. In addition, we are eligible to receive royalties on net sales that are upward
tiering into the mid-teens in the event that Oncologie commercializes and sells products utilizing bavituximab or the other transferred assets. As of April 30, 2018,
no development, regulatory and commercialization milestones as defined in the Purchase Agreement have been achieved by Oncologie. Oncologie is responsible
for all future research, development and commercialization of bavituximab, including all related intellectual property costs and all other future liabilities and
obligations arising out of the ownership of the transferred assets (i.e., we remain obligated for all liabilities associated with the research and development assets
associated with the Purchase Agreement incurred or arising prior to February 13, 2018). In addition, during May 2018, we entered into a separate services
agreement with Oncologie to provide contract development and manufacturing services, at our commercial rates, in support of the research and development assets
sold under the Purchase Agreement. To date no services have been committed to under the separate services agreement.
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