CRYO-CELL INTERNATIONAL, INC. (OTCMKTS:CCEL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
Effective June 9, 2020, Cryo-Cell International, Inc. (Cryo-Cell) entered into a Patent Option Agreement (the Option) with Duke University (Duke). The Option grants Cryo-Cell the exclusive option to obtain an exclusive license to certain of Dukes patent rights to make, have made, use, import, offer for sale, sell and otherwise commercially exploit (with the right to sublicense) certain licensed products and to practice certain licensed processes, and the exclusive right to use certain regulatory data and technical information in connection with such licensed patent rights, in the treatment, prevention, cure, reduction, mitigation or other management of diseases in humans, except, with regard to certain patent rights, in certain excluded fields of use and in certain territories, as well as a limited license to make, have made or use certain products, processes, data and information for the purpose of evaluating the market potential for such products and processes in the designated field of use, subject to Dukes reserved rights to practice the licensed rights for all research, public service, internal (including clinical) and/or educational purposes. to the Option, the terms of any such license are to include the terms (including the fees and royalties) set forth in summary term sheet attached as Appendix A to the Option.
This exclusive Option is for a period of six (6) months from the effective date of the Option. As consideration for the Option, Cryo-Cell will pay Duke a non-refundable, option fee of Three Hundred Fifty Dollars ($350,000). Such option fee, plus any extension fee, will be fully credited against the license fee under the future license agreement. The Option is subject to extension by Cryo-Cell for an additional six (6) months by payment of One Hundred Fifty Thousand Dollars ($150,000) on or before the expiration of the initial six (6) month option period.
The foregoing summary of the Option is not complete and is qualified in its entirety by reference to the Option, a copy of which is attached hereto as Exhibits 10.1 and incorporated by reference.
Item 9.01. Financial Statements and Exhibits.
|10.1||Patent Option Agreement, dated June 9, 2020, between Duke University and Cryo-Cell International, Inc.|
|99.1||Press Release dated June 11, 2020|