Avenue Therapeutics terminates AJ201 license; gets $2M cash, up to $24M milestones, 1.75% royalty

AVENUE THERAPEUTICS, INC.

License terminated; all AJ201 rights and assets transferred back to AnnJi; mutual releases and dismissal of disputes.
Avenue to receive $2M total within 90 days: $1M due in 30 days, $1M due in 90 days.
Potential future payments: up to $5M development milestones, up to $17M commercial milestones, 1.75% royalty on net sales.
Avenue repurchases 14,777 shares from AnnJi for $1.00 aggregate and pays $0.2M for AnnJi legal expenses.
48-month non-compete for competing products in US, Canada, EU, UK, and Israel after termination.

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