Ceragenix Pharmaceuticals, Inc. (CGXP.OB) Release: Second Partner Exercises Option for Exclusive Period to Negotiate Licensing Terms for CeraShield™ Antimicrobial Coating Application
10/26/2009 9:30:55 AM
DENVER--(BUSINESS WIRE)--Ceragenix Pharmaceuticals, Inc. ("Ceragenix" or the “Company”) (OTCBB:CGXP), a medical device company focused on infectious disease and dermatology, today provided an update to a previously announced exclusive cooperative research and development (the "Agreement”) with MAST BioSurgery Inc. (“MAST”) for the development of one or more new surgical products incorporating Ceragenix’s CeraShield™ antimicrobial technology. Ceragenix announced that based on its evaluation activities undertaken to-date, MAST has decided to invoke its right to negotiate commercialization terms pursuant to the terms of the Agreement. Under the terms of the Agreement, MAST has an exclusive sixty (60) day period to negotiate a license agreement for the Cerashield™ technology within the field of use as defined in the Agreement. There is no assurance that the parties will be able to reach an agreement on the terms of a license agreement.
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