JDI and CYC Licensing Agreement Update
Jubilant DraxImage and Cyclopharm Terminate Technegas Licensing Agreement Negotiations
MONTREAL, Quebec – May 12, 2016 – Jubilant DraxImage (“DraxImage”) announced today that despite several months of negotiations, it and Cyclopharm (ASX: CYC) (“CYC”) have terminated their negotiations of an exclusive license agreement for the development and marketing of CYC’s lung ventilation imaging technology Technegas in the United States. DraxImage and CYC were unable to reach agreement regarding certain material terms of the license.
On September 14, 2015, the two companies announced that they had signed a binding term sheet and were advancing negotiations, subject to satisfactory due diligence and the necessary board approvals.
“We remain committed to investing in and growing our imaging portfolio in the US,” remarked Kevin Brooks, VP Development and Strategic Alliances, Jubilant DraxImage. “As we continue to look for alliances that enhance the support of physicians in the diagnosis of their patients, we stay focused on delivering quality and value.”
Both parties have agreed to discuss potential commercial opportunities in the future, once CYC independently obtains USFDA approval for Technegas.
For more information, please contact:
Kevin Brooks, VP Business Development & Strategic Alliances
kbrooks@jdi.jubl.com