Ceragenix Pharmaceuticals, Inc. Release: Partner Exercises Option for Exclusive Period to Negotiate Licensing Terms for CeraShield(TM) Antimicrobial Coating Application
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 evaluation and option to license agreement (the "Agreement”) with a global, multi-billion dollar healthcare company covering the use of the Company's CeraShield™ antimicrobial technology for a specific medical device associated with a high incidence of hospital acquired infections. Ceragenix announced that it has been notified by this potential partner that it has successfully completed its initial evaluation and has decided to invoke its right to negotiate commercialization terms pursuant to the terms of the Agreement. Under the terms of the Agreement, the partner now has an exclusive ninety (90) 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. For competitive reasons, neither the name of the company nor the precise field of use has been publicly disclosed.