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SenesTech and Neogen mutually agree to terminate Neogen technology license
−− SenesTech Free to Manufacture and Sell its Ground-breaking Rodent Control Product in North America
Jan. 27, 2017
SenesTech, Inc. has announced that Neogen, its North American licensee, and the Company have agreed to terminate all license and marketing agreements, giving SenesTech the control of all intellectual property related to the commercialization rights of its ContraPest rodent control product.
"We are elated by this agreement and energized that we will control our destiny for the ContraPest rodent control product in North America," expressed Dr. Loretta Mayer, SenesTech's Chair, CEO and co-founder. "We have had the highest regard for Neogen. The status of our mutual agreement has been an ongoing discussion and following very recent meetings and information exchanges necessitated the mutual termination. We fully understand, Neogen makes its decisions based on what is right for their product interests, their shareholders and their customer base; just as we must do for our shareholders and ContraPest's significant potential as a non-lethal alternative for rodent control."
"We expect the impact on the pace of our commercialization of ContraPest will be negligible in the short term," Dr. Mayer continued. "We believe the long term impact on our growth is extremely positive. The Company currently has the internal manufacturing capacity in place to handle demand through the end of the year. We are assessing the needs for all future commercialization including strategic partner alignments. Given how far we have progressed as a company and how ContraPest has progressed as a product, the terms of any future agreements are expected to be more economically favorable to SenesTech than the current Neogen contract."
Under the terms of the original agreement Neogen made certain payments to SenesTech. SenesTech has agreed to reimburse these payments and to buy out Neogen for a total of$1 million. Neogen has agreed to terminate all existing contracts with SenesTech. Both Neogen and SenesTech further agree to drop any and all legal complaints, claims or threat of litigation for failure to perform under the previous contractual relationship. The agreement has been confirmed through an exchange of letters, and will be restated in a written settlement agreement.
Source: SenesTech
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