Company: OCEA
Filing Date: 2025-06-13
Form Type: 8-K
Source: 0001641172-25-015129
Chunk: 0

Company: Ocean Biomedical, Inc.
Filing Date: 2025-06-13
Form: 8-K
Item: Item 1.02
Chunk 0
---
Item
1.02 Termination of a Material Definitive Agreement

On
June 9, 2025, Ocean Biomedical, Inc. (the “ Company”) received notice from Elkurt, Inc. of termination of the following licenses:

Brown
University Technologies. Four license agreements licensing technology developed in the Elias laboratory (“ Elias Agreements”)
were entered into between Elkurt and Ocean, originally effective July 31, 2020. Each of the aforementioned licenses were the subject
numerous license amendments. Reference is hereby made to the most recent of such amendments, the Seventh Amendment to Exclusive License
Agreements entered into by and between Elkurt and Ocean effective as of November 1, 2023 (the “ Seventh Amendment”). The Seventh
Amendment precisely defines each of the aforementioned Elias Agreements and defines each of the six amendments preceding the Seventh
Amendment. An additional license agreement was entered effective September 13, 2022, for technology developed in the Kurtis laboratory
at Brown. That license between Elkurt and Ocean has never been amended.

RIH
Technologies. A license agreement between Ocean and Elkurt for technology licensed by Elkurt from RIH was entered effective February
1, 2020. That license has been subject to numerous amendments, the most recent of such amendments, the Sixth Amendment was effective
December 1, 2023.

The
letter states the following alleged as material breaches with the list being nonexhaustive:

Failure
to meet payment obligations under Article 4 of each Ocean License in the amount of $612,581.16. In addition, the letter states that Ocean
is in default of its obligation to pay patent costs. Ocean is in receipt of the relevant invoices documenting these amounts.

Failure
to meet diligent development obligations. Article 3 of the Ocean Licenses requires Ocean use commercially reasonable efforts to develop
products that utilize the licensed patents. The letter states that Elkurt is not aware of any substantive product development efforts
under any of the Ocean Licenses.

Failure
to achieve milestones. The letter states that Article 3 of the Ocean Licenses requires Ocean to use commercially reasonable efforts to
achieve the Development and Commercialization Milestones. One Ocean License Milestone required Ocean to file an IND by June 30, 2024.
Three Ocean License Milestones require Ocean to file an IND by June 30, 2025.

The
letter further states that Section 10.2.2.1 of each of the Ocean Lic