In December 2005, MultiCell exclusively licensed LAX-202 from Amarin
Neuroscience Limited ("Amarin") for the treatment of fatigue in patients
suffering from multiple sclerosis ("MS"). MultiCell renamed LAX-202 to MCT-125,
and intends to further evaluate MCT-125 in a pivotal Phase IIb/III clinical
trial. In a 138 patient, multi-center, double-blind placebo controlled Phase II
clinical trial conducted in the United Kingdom by Amarin, LAX-202 demonstrated
efficacy in significantly reducing the levels of fatigue in MS patients enrolled
in the study. LAX-202 proved to be effective within 4 weeks of the first daily
oral dosing, and showed efficacy in MS patients who were moderately as well as
severely affected. LAX-202 demonstrated efficacy in all MS patient
sub-populations including relapsing-remitting, secondary progressive and primary
progressive. Patients enrolled in the Phase II trial conducted by Amarin also
reported few if any side effects following daily oral dosing of LAX-202.
MultiCell intends to proceed with the anticipated pivotal Phase IIb/III trial of
MCT-125 using the data generated by Amarin for LAX-202 following discussions
with the regulatory authorities.
On September 30, 2010, Xenogenics entered into a Foreclosure Sale Agreement (the
"Foreclosure Sale Agreement") with Venture Lending & Leasing IV, Inc., Venture
Lending & Leasing V, Inc. and Silicon Valley Bank (collectively, the
"Sellers"). Pursuant to the Foreclosure Sale Agreement, as amended on September
30, 2011, and on October 23, 2012, Xenogenics acquired all of the Sellers'
interests in certain bioabsorbable stent assets (known as "Ideal BioStent™") and
related technologies. Under the Foreclosure Sale Agreement, Xenogenics is also
required to make cash payments totaling $4.3 million to the sellers based on the
achievement of certain milestones at certain dates. None of these milestones
were achieved as of September 30, 2013. Xenogenics' obligations under the
Foreclosure Sale Agreement had been previously extended pursuant to Amendments
No. 1 and No. 2, dated September 30, 2011 and October 23, 2012, respectively. On
October 11, 2013, Xenogenics entered into Amendment No. 3 to the Foreclosure
Sale Agreement which further extended the deadlines for the achievement of the
milestones under the Foreclosure Sale Agreement by an additional twelve months.
Xenogenics is required to use good faith reasonable efforts to achieve these
milestones. Failure to achieve any of these milestones could result in all
milestone payments, totaling $4.3 million, becoming immediately due and payable.
Effective September 30, 2010, Xenogenics entered into a license agreement (the
"Rutgers License Agreement") with Rutgers, The State University of New Jersey
("Rutgers"). Pursuant to the Rutgers License Agreement, Rutgers granted
Xenogenics a worldwide exclusive license to exploit and commercialize certain
patents and other intellectual property rights, as further described in the
Rutgers License Agreement, relating to bioabsorbable stents for interventional
cardiology and peripheral vascular applications.