Tucson-based ImaRx Therapeutics Inc. said today it has signed a letter of intent by which a Canadian company will buy inventory of ImaRx's anti-clotting drug, urokinase.
Microbix Biosystems, based in Toronto, will acquire urokinase inventory and related assets from ImaRx for $17 million in cash, ImaRx said.
Urokinase is an FDA-approved thrombolytic, or clot-dissolving agent, used for treatment of acute massive pulmonary embolism, or blood clots of the lungs.
ImaRx acquired about a four-year inventory of the product from Abbott Laboratories and has been selling the product from inventory since 2006.
ImaRx President and CEO Bradford A. Zakes said the proceeds from the deal will provide ImaRx with additional operating capital that will "enable the company to continue the advancement of its core SonoLysis technology."
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ImaRx said in late January that it was putting its development of SonoLysis, which uses gas "microbubbles" combined with ultrasound to break up blood clots, on hold while it sought a development partner.
Also in January, ImaRx announced that it had signed a letter of intent to allow Microbix to take over manufacturing of urokinase.
Under terms of the agreement announced today, Microbix will acquire the urokinase product and related assets for an upfront payment of $12 million, plus an additional $5 million upon achievement of an "inventory stability milestone."
Upon closing, Microbix will assume full responsibility for urokinase, including sales, marketing and regulatory compliance, ImaRx said.
ImaRx shares rose more than 150 percent today, closing at 84 cents in trading on the Nasdaq Stock Market.
The company went public last July with a first-day closing price of $4.79 per share.