Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2516

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1
Chunk 2516
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 entered into an exclusive license agreement, or the Chit1 License Agreement, with Elkurt, for OCF-203. We further sub-licensed
this program to our Ocean Chitofibrorx, Inc. subsidiary on February 25, 2021. We amended the Chit1 License Agreement on March 21, 2021,
August 31, 2021, March 25, 2022, July 1, 2022, July 2, 2022, August 25, 2022, November 1, 2023 and June 13, 2024. Pursuant to the Chit1
License Agreement, we obtained from Elkurt an exclusive, royalty-bearing license under certain patent rights, or the Chit1 Patents, and
a nonexclusive, royalty-bearing license under certain protocols, data, expression and purification methods, information and other know-how,
or the Chit1 Know-How, relating to Chit1 small molecules, or Chit1 Molecules. Under such licenses that we obtained from Elkurt, or the
Chit1 Licenses, we have the worldwide rights to make, have made, market, offer for sale, use and sell in the field of pulmonary fibrosis
and other fibrotic conditions any products or services that are either covered by the Chit1 Patents or incorporates or otherwise utilizes
any Chit1 Know-How, or any materials that are sold in conjunction with any such products or services, in each such case an Chit1 Product.
On January 29, 2020, Elkurt obtained from Brown the necessary licenses, with the rights to sublicense, under the Chit1 Patents and the
Chit1 Know-How, or the Upstream Brown Chit1 License, to grant us the Chit1 Licenses as described above. 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
Chit1 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