Company: MDCXW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001062993-25-016838
Chunk: 108

Company: Medicus Pharma Ltd.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 108
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2025 (the "Closing date"), the Company completed acquiring shares from securityholders of Antev Limited, or Antev (the "Antev Acquisition").
      Pursuant to the terms of the Antev Acquisition, the Company acquired 98.60% of ownership in Antev including all the assets and its In-Process Research and Development (IPR&D) - Teverelix by issuing 1,603,164 common shares, payment of $2,970,166 and payment for transaction costs of $1,992,798 and provided advance of $1,353,600 to Antev limited vide a promissory note. Out of the 1,603,164, 205,980 shares issued will be delivered after 210 days. There was additional contingent consideration based on the following development milestones of the IPR&D:

              Phases
              Contingent Consideration agreed for Antev shares acquired through issue of shares
              Contingent Consideration agreed for Antev shares acquired by cash payment

              (i) Advanced Prostate Cancer - Phase 2 success or registration
              $2.00 per common share issued
              $1.47 per Antev share (pro rata interest in $5,333,200)

              (ii) Acute Urinary Retention (AUR) Prevention - Phase 2 success or registration
              $7.50 per common share issued
              $5.52 per Antev share (pro rata interest in $19,999,500)

              (iii) FDA NDA approval - Hormone therapy for prostate cancer
              Up to $20,000,000 (subject to pro rata reduction)
              $5.52 per Antev share (pro rata interest in $20,000,000)

              (iv) FDA NDA approval - AUR prevention
              Up to $20,000,000 (subject to pro rata reduction)
              $5.52 per Antev share (pro rata interest in $20,000,000)

      Per the terms of the acquisition, the common shares issued by the Company at Closing are subject to a staggered lock-up schedule. Specifically, 15% of the shares will be released at 30, 60, 90, 120, 150, and 180 days following the effectiveness of the Initial Registration Statement by the SEC, with the remaining 10% released on day 210. Additionally, these shares are subject to a six-month statutory hold under