Bone Biologics amends license with UCLA, deferring $8M diligence fee tied to future sales milestones

Bone Biologics Corp

Third Amendment extends development milestones; UCLA defers $8M diligence fee until first sale of licensed product.
$8M fee payable in tranches: $2M at $50M net sales, $2M at $100M, $4M at $200M cumulative net sales.
Obligation survives termination; assets cannot be transferred without assigning fee or paying within 10 days.
New milestones include initiating Phase I/II pilot study by Dec 31, 2024, and pegylated product milestones through 2030s.
Company must spend at least $1M per year on pre-clinical/clinical development until Phase III completion.

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