IMRX: Extension and Amendment Agreement with Abbott re $15M Note

Mon. October 29, 2007; Posted: 10:16 AM

ImaRx Therapeutics Inc. (IMRX) has entered into a Note Extension and Amendment Agreement with Abbott Laboratories (ABT) that amended the terms of the $15 million non-recourse promissory note, that the Company issued to Abbott in connection with the Company's acquisition of Abbokinase(R). Under the Agreement, the maturity date of the Note was extended from December 31, 2007 to March 31, 2008. In addition, the final date for distribution to Abbott of amounts held in escrow to secure repayment of the Note was extended from December 31, 2007 until March 31, 2008. In connection with the execution of the Agreement, the Company has instructed the Escrow Agent to pay to Abbott the existing $4,779,665.67 balance, as of October 25, 2007.

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