Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2116

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1A
Chunk 2116
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 with Elkurt for Malaria Antibodies

On
September 13, 2022, we entered into an exclusive license agreement, or the Brown Anti-PfGARP Small Molecules License Agreement, with
Elkurt. Pursuant to the Brown Anti-PfGARP Small Molecules License Agreement, we obtained from Elkurt an exclusive, royalty-bearing license
under certain patent rights, or the Brown Anti-PfGARP Small Molecules Patents, and a nonexclusive, royalty-bearing license under certain
protocols, data, expression and purification methods, information and other know-how, or the Brown Anti-PfGARP Small Molecules Know-How,
relating to anti-PfGARP small molecules. Under such licenses that we obtained from Elkurt, or the Brown Anti-PfGARP Small Molecules Licenses,
we have the worldwide rights to make, have made, market, offer for sale, use and sell in the field of malaria any products or services
that are either covered by the Brown Anti-PfGARP Small Molecules Patents or incorporates or otherwise utilizes any Brown Anti-PfGARP
Small Molecules Know-How, or any materials that are sold in conjunction with any such products or services, in each such case a Brown
Anti-PfGARP Small Molecules Product. Elkurt obtained from Brown University the necessary licenses, with the rights to sublicense, under
the Brown Anti-PfGARP Small Molecules Patents and the Brown Anti-PfGARP Small Molecules Know-How, or the Upstream Brown Anti-PfGARP Small
Molecules License, to grant us the Brown Anti-PfGARP Small Molecules Licenses as described above. Brown University and Elkurt, on behalf
of Brown University, 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.

44

Under
the Brown Anti-PfGARP Small Molecules License Agreement, we must use commercially reasonable efforts to develop and commercialize products
in accordance with the development and commercialization plan, to introduce Brown Anti-PfGARP Small Molecules Products into the commercial
market and to market Brown Anti-PfGARP Small Molecules Products after such introduction in the market, and we must meet certain development
and commercialization milestones or else failure to do so will be considered a material breach of the Brown Anti-PfGARP Small Molecules
License Agreement.

In
consideration for