Bye, bye, Kingsbridge, don't let the door hit you in the buttocks, on the way out.
On July 11, 2005, we entered into a termination, settlement and release agreement with Kingsbridge Capital Limited. Under the terms of this agreement, we and Kingsbridge agreed that the common stock purchase agreement we entered into with Kingsbridge on December 14, 2004, and the related registration rights agreement and warrant we issued to Kingsbridge of the same date, would be terminated, and Kingsbridge would return the warrant, which has not been exercised, to us for cancellation.
The termination agreement is effective upon our payment of the remaining fees of counsel due to Kingsbridge under the terms of the common stock purchase agreement, and our receipt of the original warrant from Kingsbridge. We incurred no early termination penalties in connection with this termination. The termination agreement contains a mutual release of claims.
Best,
Savant |
