Washington | 91-1549568 | |
(State or other jurisdiction of | (IRS Employer | |
incorporation) | Identification No.) |
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
As part of the Sale, the Company has agreed to work with Genzyme to transfer the acquired technology and assist Genzyme in its implementation of the technology. The Purchase Agreement provides for payments to the Company of $3.5 million within five days of the closing and an additional $3.5 million in installments payable upon successful completion of specified tra nsfer plan deliverables. In addition, the Purchase Agreement provides for payment to the Company in the event that Genzyme sublicenses the acquired intellectual property within specified time periods and royalties in the event of commercial sales of products containing AAV vectors covered by the acquired intellectual property.
As part of the transaction, Genzyme has licensed back to the Company the AAV manufacturing and vector technology sold in the Sale for the Company's use in specified product programs, including the development and sale of products in the Company's current AAV gene therapeutic programs for the treatment of a type of blindness called Leber's Congenital Amaurosis, inflammatory arthritis and a neurodegenerative disease called Huntington's Disease. Genzyme will receive royalties from the Company in the event of any commercial sales of certain products utilizing the intellectual property licensed back to the Company.
Targeted Genetics Corporation | ||||||||
Date: September 09, 2009 | By: | /s/ David J. Poston | ||||||
David J. Poston | ||||||||
Vice President Finance and Chief Financial Officer | ||||||||