License and patent agreements |
12 Months Ended |
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Dec. 31, 2015 | |
Text Block [Abstract] | |
License and patent agreements | 12. License and patent agreements The Company has an agreement with Biolipox AB of Sweden for patent rights relating exclusively or principally to a specific class of compounds, which include AQX-1125. The terms of the agreement required the Company to pay CAD $50 immediately. Upon the first submission to the FDA of an Investigational New Drug (IND) for a compound from the acquired class of compounds, the Company was required to pay an additional CAD $250 in exchangeable shares. In June 2014, the Company issued 19,762 shares of common stock to Biolipox AB as payment for achievement of this milestone upon the first submission to the FDA of an IND for AQX-1125. A further one-time CAD $3,000 milestone payment will be payable within 30 days of the commitment of financial resources by the Boards of Directors to advance one of the compounds from the acquired class of compounds into a Phase 3 clinical trial. Certain other milestone payments, totaling CAD $1,500 are payable upon the first commercial sale following regulatory approval of the first compound in each of the United States, Europe and Japan. The development of the technology is actively proceeding. There are no royalty payments due under this agreement as at December 31, 2015. The Company has an exclusive license agreement with the University of British Columbia for a worldwide license to certain small molecule compounds and pharmaceutical compositions that are modulators of SHIP1 activity. The agreement expires at the earlier of the last expiry of any patent obtained related to the technology or through enactment of one of the termination clauses stipulated in the agreement. The Company paid annual maintenance fees of CAD $1 related to this agreement for the year ended December 31, 2015 (December 31, 2014—CAD $1) and have contingent payments totaling up to CAD $2,200 for the first drug product and CAD $1,500 for each subsequent drug product plus low single-digit royalties. The Company does not currently have any product candidates under development that are covered by the UBC license agreement.
The Company has an agreement with the British Columbia Cancer Agency and StemCell Technologies, Inc. for the assignment to the Company of certain patents to technology relating to SHIP1 in return for low single-digit royalty payment on product sales or low double-digit percentage of sublicense revenue. The agreement is to expire at the later of 20 years from the effective date of the agreement or upon the expiration of the last patent covered by the license. The Company incurred maintenance fees of CAD $5 related to this agreement during the years ended December 31, 2015, 2014 and 2013. The Company does not currently have any product candidates under development that are covered by this agreement. |