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Tuesday January 16, 8:06 am Eastern Time
Press Release
SOURCE: Sonus Pharmaceuticals, Inc.
Sonus Pharmaceuticals Signs Patent Licensing Agreement in Japan, South
Korea And Taiwan
Company Continues to Make Progress on New Business Plan
BOTHELL, Wash., Jan. 16 /PRNewswire/ -- Sonus Pharmaceuticals, Inc. (Nasdaq: SNUS - news) announced today the signing of a patent licensing agreement with
Chugai Pharmaceutical Co., Ltd. (Chugai) and Molecular Biosystems, Inc. (MBI). The agreement gives Chugai and MBI non-exclusive rights under certain Sonus
patents to manufacture and sell Optison®, an ultrasound contrast agent, in Japan, South Korea and Taiwan.
The patent license agreement provides for an initial non-refundable license fee of $1.0 million to Sonus on signing and a second $1.0 million payment in June 2001. The
second $1.0 million payment will be considered non-refundable if any claims of a Sonus Japanese ultrasound contrast patent application are allowed within a period of
two years from the signing of the agreement. If no claims are allowed on the Sonus Japanese patent application within this two-year period, Sonus will repay the
second $1.0 million payment without interest to Chugai. In addition to the $2.0 million license fee payments, Chugai and MBI will pay royalties to Sonus on sales of
Optison if and when the product is approved for marketing in the territories covered under the patent license agreement.
``In October 2000, we announced a strategic decision to shift the focus of our proprietary emulsion formulation technology from diagnostic ultrasound contrast to novel
therapeutic drug delivery products. While the primary objective of this new business strategy is to accelerate the clinical development of our drug delivery products, a
secondary objective is to realize additional value from our broad ultrasound contrast patent portfolio. The agreement with Chugai and MBI achieves this objective,'' said
Michael A. Martino, President and CEO of Sonus. ``In addition, the payments under the patent license agreement further strengthen our cash position, which we
believe is adequate to achieve the key development milestones with our drug delivery products.''
Sonus Pharmaceuticals, Inc., located near Seattle, Washington, is utilizing its proprietary emulsion formulation technology for the development of novel therapeutic drug
delivery products. The Company's news releases and other corporate information are available on its web site at www.sonuspharma.com. Sonus news releases may
also be obtained via fax by calling 800-758-5804, Ext. 108377.
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Tom B. |
