Clearside Biomedical waives $12.5M milestone payment, releases escrow to HCR

Clearside Biomedical, Inc.

Subsidiary Clearside Royalty waived all rights to $12.5M milestone payment tied to XIPERE sales.
Payment held in escrow under 2022 Purchase Agreement; released to Healthcare Royalty Partners IV.
First Milestone Event required milestone by March 31, 2024; waiver eliminates potential payment.
Escrow agreement terminated upon release of funds to purchaser.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Clearside Biomedical, Inc. amended Letter Agreement with Healthcare Royalty Partners IV, L.P., HCR Clearside SPV, LLC valued at $12.5 million milestone payment (effective 2023-12-22).

Action: amendment
Agreement: asset purchase
Counterparty: Healthcare Royalty Partners IV, L.P., HCR Clearside SPV, LLC
Value: $12.5 million milestone payment
Effective: 2023-12-22

Exact text from the filing

On December 22, 2023, Clearside Biomedical, Inc., through its wholly owned subsidiary Clearside Royalty LLC (" Royalty Sub "), entered into a letter agreement (the " Letter Agreement ") with Healthcare Royalty Partners IV, L.P. (" HCR ") and HCR Clearside SPV, LLC (as assignee of HCR Collateral Management, LLC) (" Agent ") amending that certain Purchase and Sale Agreement, dated as of August 8, 2022 (the " Purchase Agreement "), by and among Royalty Sub, HCR and Agent.

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Clearside Biomedical, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-073587

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