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- SEC Filing
On January 16, 2023, Elevai Labs, Inc., a Delaware corporation (the "Company"), entered into a License Agreement (the "License Agreement") with INmune Bio, Inc., a Nevada corporation ("INmune"). Under the License Agreement, INmune granted the Company certain worldwide exclusive and non-exclusive license rights to develop, manufacture, and commercialize INmunes's EMx technology, ("EMx") a proprietary equipment, processes and consumables useful for isolation and current Good Manufacturing Practice ("cGMP") manufacture of human umbilical cord derived mesenchymal stromal cells ("hUMSCs",) for a period of ten years from the effective date of the License Agreement (collectively, the "Field").
Pursuant to the License Agreement, the Company will make an upfront payment to INmune as a technology transfer fee with scheduled payments six months after the effective date of the License Agreement and upon completion of the transfer of EMx. In addition, Elevai will pay INmune (i) a final technology transfer fee two years after the effective date of the License Agreement, and (ii) a capped nominal royalty on the sale of licensed topical cosmetic products that are manufactured using EMx. After the Company's first successful manufacturing that utilizes the Field, the Company has agreed to supply INmune with hUMSCs at a price pegged at a fixed percentage above the actual cost for the Company to produce them.
Unless earlier terminated, the License Agreement will remain in effect on a licensed product-by-licensed product and worldwide basis until the expiration of the License Agreement. Either party may terminate the License Agreement for insolvency of the counter-party, or material breach by the other party within the time period specified in the agreement.
