Ceragenix Pharmaceuticals, Inc. (Ceragenix), has provided an update to a previously announced exclusive evaluation and option to license agreement with a global, healthcare company covering the use of the Company's CeraShield antimicrobial technology for a specific medical device associated with a high incidence of hospital acquired infections. Ceragenix announced that it has been notified by this potential partner that it has successfully completed its initial evaluation and has decided to invoke its right to negotiate commercialization terms pursuant to the terms of the Agreement. Under the terms of the Agreement, the partner now has an exclusive ninety (90) day period to negotiate a license agreement for the CeraShield technology within the field of use as defined in the Agreement. There is no assurance that the parties will be able to reach an agreement on the terms of a license agreement. For competitive reasons, neither the name of the company nor the precise field of use has been publicly disclosed.
Steven Porter, chairman and chief executive officer of Ceragenix, said: We’re very pleased to announce this progress in our licensing efforts. We are very encouraged by the performance of the CeraShield antimicrobial coating in comparison to an established antimicrobial device in a rigorous in-vitro testing methodology undertaken by the partner leading to this announcement.