Eyenovia Inc.
09/15/2021 | Press release | Distributed by Public on 09/15/2021 06:03
Material Definitive Agreement (Form 8-K)
| Entry into a Material Definitive Agreement. |
On September 14, 2021, Eyenovia, Inc. (the 'Company') entered into an amendment ('Amendment 1') to that certain License Agreement (the 'License Agreement'), dated as of August 10, 2020, with Arctic Vision (Hong Kong) Limited ('Arctic Vision'). Pursuant to Amendment 1, the Company granted to Arctic Vision the exclusive right to research, develop, manufacture and commercialize an additional product, MydCombi, under the License Agreement in Greater China (mainland China, Hong Kong, Macao and Taiwan) and South Korea.
In addition to payments already made or to be made to the Company under the terms of the License Agreement, Arctic Vision must pay to the Company a one-time upfront payment of $250,000 within three business days of the effective date of Amendment 1. Arctic Vision also must pay the Company up to an aggregate of $2 million in milestone payments and development costs, depending on the achievement of various development and regulatory milestones and subject to the satisfaction of certain other conditions, as well as royalties on sales.
On September 14, 2021, the Company entered into an amendment ('Amendment 2') to the Exclusive License Agreement, dated March 8, 2015, between the Company and Senju Pharmaceutical Co., Ltd. ('Senju') which excludes Greater China and South Korea from the territory in which Senju was granted an exclusive royalty-bearing license from the Company. In consideration for this exclusion, and upon and after the execution of Amendment 1 with Arctic Vision, the Company must make payments to Senju based on non-royalty license revenue and sales revenue.
The foregoing description of Amendment 1 and Amendment 2 is qualified in its entirety by reference to Amendment 1 and Amendment 2, respectively, copies of which will be filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2021.