Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2508

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1
Chunk 2508
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How, relating to anti-Chi311 antibodies, or FRG Antibodies. Under such licenses that we obtained from
Elkurt, or the FRG Licenses, we have the right to make, have made, market, offer for sale, use and sell in all fields of use on a worldwide
basis any products or services that are either covered by the FRG Patents or incorporates or otherwise utilizes any FRG Know-How, or
any materials that are sold in conjunction with any such products or services, in each such case an FRG Product. On January 29, 2020,
Elkurt obtained from Brown University, or Brown, the licenses, with the rights to sublicense, under the FRG Patents and the FRG Know-How,
to grant us the FRG Licenses as described above, or the Upstream Brown FRG 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. Elkurt is a company formed by our scientific co-founders and members of our board of directors,
Jack A. Elias, M.D., former Dean of Medicine and current Special Advisor for Health Affairs to Brown University, and Jonathan Kurtis,
M.D., Ph.D., Chair of the Department of Pathology and Laboratory Medicine at Brown.

The
FRG 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 FRG License Agreement sets forth the following future development milestones: the filing of an IND within one
year after commencing IND-enabling studies; completion of a Phase 1 clinical trial within one year following the filing of an IND; completion
of a Phase 2 clinical trial within approximately four years following completion of a Phase 1 clinical trial; and completion of a Phase
3 clinical trial within three and a half years following completion of a Phase 2 clinical trial. Elkurt may also terminate the agreement
if we do not complete a $10 million equity or debt financing by 2025.

In
consider