Quince Therapeutics terminates exclusive worldwide license for NOV004 bone fracture repair program

Quince Therapeutics, Inc.

Termination effective October 31, 2023, following prior decision to discontinue internal development of NOV004.
License was exclusive worldwide under Purdue Research Foundation patents related to bone fracture repair.
Quince agreed to reimburse PRF for patent prosecution costs and assign development documents to PRF.
Quince retains internal research rights to assigned documents; PRF must pay Quince 35% if it licenses to certain third parties.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

Quince Therapeutics, Inc. terminated License Agreement with Purdue Research Foundation valued at License terminated; 35% of payments to Company if PRF licenses to certain third parties (effective 2023-10-31).

Action: termination
Agreement: license
Counterparty: Purdue Research Foundation
Value: License terminated; 35% of payments to Company if PRF licenses to certain third parties
Effective: 2023-10-31

Exact text from the filing

On December 22, 2023, the Board of Directors of Quince Therapeutics, Inc. (the “Company”), following its prior decision to discontinue internal development of NOV004, approved that certain Mutual Termination of License Agreement (the “Termination Agreement”) by and between the Company and Purdue Research Foundation (“PRF”), to terminate the License Agreement dated June 3, 2020, as amended on March 17, 2022, July 22, 2022, and June 23, 2023 (the “License Agreement”).

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Source: SEC EDGAR

accession 0001193125-23-302116

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