CAPRICOR THERAPEUTICS, INC. (NASDAQ:CAPR) Files An 8-K Termination of a Material Definitive AgreementItem 1.02. Termination of a Material Definitive Agreement.
On November 14, 2013, Nile Therapeutics, Inc. (now known as Capricor Therapeutics, Inc.), (“Capricor”), entered into that certain Amended and Restated Technology License Agreement (the “Amended Mayo Agreement”) with the Mayo Foundation for Medical Education and Research (“Mayo”) with respect to the licensing of rights to Cenderitide (“CD-NP”), and a synthetic natriuretic peptide known as CU-NP. The Amended Mayo Agreement was filed as Exhibit 10.35 to Capricor’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2014.
On February 13, 2017, Capricor provided Mayo with a notice of termination of the Amended Mayo Agreement to Section 7.03 of the Amended Mayo Agreement, thereby relinquishing all rights previously licensed by Mayo to Capricor with respect to CD-NP and CU-NP. Capricor has provided 90 days’ notice of the effectiveness of termination, but Mayo has indicated to Capricor that it considers the Amended Mayo Agreement to be terminated as of February 14, 2017 due to an ongoing dispute with Mayo regarding the payment of certain fees incurred in the prosecution of the intellectual property rights licensed by Mayo to Capricor, which fees Capricor does not deem to be material in amount. Capricor elected to terminate the Amended Mayo Agreement so that it may focus its resources and efforts on its cell therapy (CAP-1002) and exosomes (CAP-2003) programs which are advancing clinically in various disease indications.
On February 16, 2017, Capricor issued a press release announcing the termination of the Amended Mayo Agreement and discussing related matters. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release, dated February 16, 2017.
About CAPRICOR THERAPEUTICS, INC. (NASDAQ:CAPR)
Capricor Therapeutics, Inc. is a clinical-stage biotechnology company focused on the discovery, development and commercialization of therapeutics. The Company focuses on discovering, developing and commercializing regenerative medicine and large molecule products for the treatment of disease, with a primary focus on the treatment of cardiovascular diseases, including orphan indications. Its product candidate, CAP-1002, a cardiosphere-derived cell product, is being tested in the ALLSTAR Phase II clinical study on patients having suffered a myocardial infarction (MI), while the DYNAMIC clinical study is testing CAP-1002 in patients in the advanced-stage of heart failure. CAP-1002 is also being tested in the HOPE-Duchenne Phase I/II clinical study for use in connection with Duchenne muscular dystrophy-related cardiomyopathy. Cenderitide, a dual receptor natriuretic peptide agonist, is being tested in a Phase II clinical study. Exosomes are nano-sized, membrane-enclosed vesicles. CAPRICOR THERAPEUTICS, INC. (NASDAQ:CAPR) Recent Trading Information
CAPRICOR THERAPEUTICS, INC. (NASDAQ:CAPR) closed its last trading session up +0.01 at 3.16 with 59,306 shares trading hands.