Ocean Biomedical faces license terminations over breaches

June 13, 2025 09:06 PM PDT | By EODHD

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Ocean Biomedical faces license terminations over breaches — Image source: Kalkine Media

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Ocean Biomedical, Inc. is grappling with the termination of significant license agreements after failing to meet various obligations. On June 9, 2025, Elkurt, Inc. notified the company of the termination of several licensing agreements related to technologies developed at Brown University and Rhode Island Hospital (RIH). The terminated licenses include four agreements from the Elias laboratory at Brown University, effective since July 31, 2020, and one from the Kurtis laboratory, effective since September 13, 2022.

Additionally, a licensing agreement with Elkurt for RIH technology, effective since February 1, 2020, has also been terminated. Elkurt cited Ocean Biomedical’s failure to fulfill payment obligations totaling $612,581.16, lack of development efforts, and failure to achieve milestones, including the filing of an Investigational New Drug (IND) application by set deadlines, as reasons for the termination. Ocean Biomedical has a 30-day period to address these issues following the receipt of the termination notice. If the breaches are not remedied, the termination of the upstream licenses from Brown to Elkurt will result in the termination of the sublicenses to Ocean Biomedical. The company’s stock and warrants, previously listed on The Nasdaq Stock Market under the symbols OCEA and OCEAW, are currently suspended.

This development is based on an 8-K filing with the Securities and Exchange Commission, which serves as the source of this report. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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