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Subsequent Events
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 8 – SUBSEQUENT EVENTS

 

August 2020 Private Placement

 

On August 10, 2020, the Company engaged Jefferies LLC to act as its placement agent ("Placement Agent") in connection with a private placement (the "Private Placement") of approximately 3,048,653 shares of our common stock, at a purchase price per share of $8.50, for aggregate gross proceeds to the Company of approximately $25,910,000, before deducting Placement Agent fees and other offering expenses payable by the Company.

 

UNION therapeutics Agreement

 

On August 12, 2020, the Company entered into a licensing and collaboration agreement (the "License Agreement") with UNION therapeutics A/S ("UNION") in which UNION acquired an option to obtain a worldwide exclusive license for the TFF technology in combination with Niclosamide ("Licensed Product"). Pursuant to the terms of the License Agreement, UNION can exercise its option to obtain the license within 45 days after the complete data has been received by UNION from investigator-initiated trials. Upon exercise of the option, UNION shall be responsible to pay all expenses incurred in the development of any Licensed Product. The Company will be eligible to receive up to $40,000,000 upon the achievement of certain milestones in the development the Licensed Products, based on completion of clinical trials, pre-marketing approvals and/or the receipt of at least $25,000,000 of grant funding. The Company will receive a single-digit tiered royalty on net sales. The Company will also be entitled to receive sales-related milestone payments of up to $160,000,000 based on the commercial success of the Licensed Products.