Aytu Biopharma, Inc 8-K, filed Jul 2, 2021
Aytu Biopharma, Inc (AYTU)
About this 8-K
Aytu Biopharma, Inc filed this 8-K on July 2, 2021, reporting on events of July 1, 2021.
Items reported
- Item 1.01: Entered into a material agreement
- Item 1.02: Ended a material agreement
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SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On July 1, 2021, Aytu BioPharma, Inc. (the “Company”), signed an Asset Purchase Agreement (the “Asset Purchase Agreement”) with UAB “Caerus Biotechnologies” (“UAB”). Pursuant to the terms and conditions of the Asset Purchase Agreement, UAB will acquire all existing intellectual property rights, technical information and know-how related to the MiOXSYS Analyzer and MiOXSYS Sensors (the “Products”) as well as all existing inventory of the Products and all rights attached and related to the Products and manufacturing thereof. As consideration, UAB agreed to pay the Company four hundred sixty-six thousand and one dollars ($466,001.00) and make royalty payments to the Company of five percent (5%) of net global revenue of the Products for five (5) years from the closing date of the transactions contemplated in the Asset Purchase Agreement.
The summary of the Asset Purchase Agreement in this Current Report on Form 8-K does not purport to be complete and is qualified in its entirety by reference to the full text of the Asset Purchase Agreement, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended June 30, 2021.
Item 1.02 Termination of a Material Definitive Agreement.
On July 1, 2021, the Company and Avrio Genetics, LLC (“Avrio Genetics”) mutually agreed to terminate, effective as of June 29, 2021, that certain exclusive license agreement entered into by the parties on January 20, 2021, as amended on February 4, 2021 and March 4, 2021 (collectively, the “Avrio Genetics Agreement”).
In connection with the termination of the Avrio Genetics Agreement, the Company entered into a Termination Agreement (the “Termination Agreement”) with Avrio Genetics. Pursuant to the terms of the Termination Agreement, the Avrio Genetics Agreement is terminated in its entirety, except for certain provisions that survive the termination as specified in the Termination Agreement.
Pursuant to the terms of the Avrio Genetics Agreement, Avrio Genetics shall pay certain royalties, cost for inventory sold, original shipping fees, and certain patent fees.
The description of the Termination Agreement in this Current Report on Form 8-K does not purport to be complete and is qualified in its entirety by reference to the full text of the Termination Agreement, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended June 30, 2021.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: July 2, 2021 | By: | /s/ Joshua R. Disbrow |
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| Joshua R. Disbrow |
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| Chief Executive Officer |