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Microbix to spin off Urokinase into newly formed Klarogen Biotherapeutics
Klarogen to acquire all remaining Urokinase inventory, sales and marketing infrastructure and NDA from ImaRx upon completion of financing

09 May 2008 - Microbix Biosystems Inc. announced that it intends to spin off its Urokinase assets into a new private company, Klarogen Biotherapeutics Inc., which would become the sole commercial-scale manufacturer and supplier of the clot-busting drug after a proposed acquisition.
 
Microbix intends to transfer to Klarogen Biotherapeutics Inc., its Urokinase manufacturing facilities and equipment, worldwide commercial rights to all Urokinase therapeutic indications, and the associated staff and management.
 
Under the terms of a newly arranged letter of intent, Klarogen would purchase the Urokinase assets of ImaRx Therapeutics, Inc. of Tuscon, Arizona, for $17 million. These assets would include ImaRx' remaining Urokinase inventory, the NDA (formerly known as Abbokinase(R), now known as Kinlytic (TM)) and the sales and marketing infrastructure. The Boards of Directors of both companies have approved a letter of intent to this effect.