Marina Biotech, Inc. entered into a binding agreement with Autotelic BIO and subject to the satisfaction of certain conditions on or prior to January 15, 2019, the company shall grant to ATB a perpetual exclusive right of development and marketing of the company’s IT-103 product candidate, which is a fixed dose combination of celecoxib and olmesartan medoxomil at the currently approved dose/approved indications only for celecoxib (100 mg, 200mg and 400mg) for combined hypertension and arthritis only, with such right extending throughout the entire world. The grant of the license would be memorialized in a definitive license agreement to be entered into between the parties. The conditions to the grant of the license include, without limitation, that: ATB shall obtain funding in a certain specified amount or ATB shall obtain a co-development and licensing deal with other third-party pharmaceutical companies with respect to the Product; or ATB shall obtain a government-sponsored research and development project in the Republic of Korea. The agreement provides that, following the date on which the license is granted: if ATB should sub-license the Product, ATB and the company would share all proceeds of such sub-license equally; and if ATB markets the product on its own, ATB would provide the company with a royalty equal to a percentage of net profits in the mid-single digits. The agreement also provides that ATB will make a payment to the company in the amount of $100,000 upon the successful completion of the Fundraising, and a payment to the company in the amount of $300,000 following the date on which the company has provided certain specified technology and assistance regarding the manufacturing and production of the product. The company will be entitled to the clinical trial data and any enhancements and inventions developed by ATB during this process.