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As a result of these events, the two companies have agreed to terminatethe letter of intent relating to the sale of ImaRx's urokinase business,including those relating to exclusivity and break-up fees.
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The Company intends to complete additional urokinase stability testing andsubmit the data to the FDA within the next 90 days. If the data aresufficient for the FDA to approve a lot release, the Company may be in aposition to begin sales of its labeled vials of urokinase with extendedexpiration dating in the fourth quarter of this year. Release of future lotswith expiration dating beyond the currently labeled vials will be contingentupon FDA approval of the stability testing program and FDA acceptance of thetesting results. Even if the stability testing program is accepted and thetesting results are favorable, it is uncertain whether or to what extent theFDA might approve extended expiration dating for ImaRx's inventory ofunlabeled urokinase vials.
Following a comprehensive review and consideration of these recent events,the Company's cash position, commercial and development programs as well asexternal market conditions, ImaRx's Board of Directors and management havedetermined that it is in the best interests of the Company to identify andevaluate alternative strategies to maximize shareholder value. The Companyintends to explore strategic alternatives for its commercial urokinase assets,clinical-stage SonoLysis program as well as its other company assets.Concurrent with this strategy, ImaRx will immediately reduce its workforce inorder to preserve additional cash. Bradford Zakes, the Company's Presidentand CEO, will continue in his role and other key employees will be retained asconsultants to support the strategic process.
Mr. Zakes stated, "While these recent events are disappointing, we believethere is significant value in our urokinase business, SonoLysis program andother assets. Steps are being taken to conserve cash while we identify,evaluate and pursue alternative strategies to maximize shareholder value."
About ImaRx Therapeutics
ImaRx Therapeutics is a biopharmaceutical company focused on thecommercialization and development therapies for vascular disorders. TheCompany's commercialization efforts are currently focused on its product,urokinase for the treatment of acute massive pulmonary embolism. TheCompany's research and development efforts are focused on therapies for strokeand other vascular disorders using its proprietary microbubble technology.
Cautionary Statement For The Purpose Of The "Safe Harbor" Provisions OfThe Private Securities Litigation Reform Act of 1995
Statements made in this press release, which are not historical in nature,constitute forward-looking statements for purposes of the safe harbor providedby the Private Securities Litigation Reform Act of 1995. Such forward lookingstatements include the Company's intention to complete additional urokinasestability testing and submit the data to the FDA within the next 90 days; theCompany may be in a position to begin sales of its labeled vials of urokinasewith extended expiration dating in the fourth quarter of this year; and itsefforts evaluate alternative strategies to maximize shareholder value. Theseforward-looking statements represent ImaRx's judgment as of the date of thispress release, and are subject to risks and uncertainties that could causeactual results to differ materially from those set forth in theforward-looking statements. Such risks and uncertainties include thefollowing: the F
