Ocean Biomedical receives termination of key license agreements for alleged breaches totaling $612,581

Ocean Biomedical, Inc.

Elkurt, Inc. terminated four Elias Agreements and one Kurtis lab license, plus a RIH license, effective June 9, 2025.
Alleged material breaches include unpaid obligations of $612,581.16 and failure to meet development milestones.
Ocean also failed to file an IND by June 30, 2024, for one milestone and faces three more IND deadlines by June 30, 2025.
Brown University has initiated termination of its licenses to Elkurt, which would further cut Ocean's access to the technology.
The notice states termination is immediate under Section 10.2.2.1 after failure to cure within 30 days.

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