Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 3408

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1A
Chunk 3408
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, 2022, July 1, 2022, July 2, 2022, August 25, 2022, November 1, 2023 and June 13, 2024. Pursuant
to the FRGxPD-1 License Agreement, we obtained from Elkurt an exclusive, royalty-bearing license under certain patent rights, or the
FRGxPD-1 Patents, and a nonexclusive, royalty-bearing license under certain data, expression and purification methods, information and
other know-how, or the FRGxPD-1 Know-How, relating to (FRG)xAnti-PD-1 bispecific antibodies, or FRGxPD-1 Antibodies. Under such licenses
that we obtained from Elkurt, or the FRGxPD-1 Licenses, we have the rights to make, have made, market, offer for sale, use and sell in
all fields of use worldwide any products or services that are either covered by the FRGxPD-1 Patents or incorporates or otherwise utilizes
any FRGxPD-1 Know-How, or any materials that are sold in conjunction with any such products, in each such case an FRGxPD-1 Product. On
January 29, 2020, Elkurt obtained from Brown, the licenses, with the rights to sublicense, under the FRGxPD-1 Patents and the FRGxPD-1
Know-How, to grant us the FRGxPD-1Licenses as described above, or the Upstream Brown FRGxPD-1 License. Brown and Elkurt, on behalf of
Brown, retained the rights to practice the intellectual property rights sublicensed to us for academic research, educational and scholarly
purposes, and to publish resulting scientific findings.

The
FRGxPD-1 License Agreement requires us to achieve future development milestones by certain dates. Recognizing the unpredictability of
clinical development, the agreement allows us to request amendments and/or extensions to these milestones by providing Elkurt with a
reasonable explanation for such requests along with plans for achieving the extended and/or amended milestones. Although Elkurt is obliged
to reasonably extend or amend those milestones, it may terminate the agreement for failure to achieve development milestones after giving
us reasonable opportunity to cure. The FRGxPD-1 License Agreement sets forth the following future development milestones: the filing
of an IND within two years after commencing IND-enabling