Option for Treatment for Coronavirus Extended

Rhea-AI Summary

AIkido Pharma Inc. (Nasdaq: AIKI) has announced an extension of its exclusive option agreement with the University of Maryland, Baltimore, regarding the technology contained in Patent 10,434,116 for treating coronavirus infections. This option, originally disclosed on March 6, 2020, has been extended until December 2, 2020. The agreement's other terms remain unchanged. This patent was developed with government support under Grant Number AI095569 from the National Institutes of Health, which retains certain rights.

Positive

• Extension of exclusive option agreement allows continued development for coronavirus treatment.
• Potential for beneficial partnership with University of Maryland, Baltimore.

Negative

• None.

NEW YORK, Aug. 11, 2020 /PRNewswire/ -- AIkido Pharma Inc. (Nasdaq: AIKI) today announced it has extended its previously disclosed exclusive option agreement ("Option") with the University of Maryland, Baltimore (UMB) for the technology set forth in Patent number 10,434,116 "Methods of Treating Coronavirus Infection." The present invention provides methods for treating a coronavirus infection.  The initial Option for Treatment of Coronavirus was previously disclosed on March 6, 2020.  The Option has been extended until December 2, 2020.  All other terms and conditions of the original Option agreement remain in full force and effect.

This invention was made with government support under Grant Number AI095569 awarded by the National Institutes of Health. As result, the NIH has certain rights in the invention. 

About AIkido

AIkido was initially formed in 1967 and is a biotechnology company with a diverse portfolio of small-molecule anti-cancer therapeutics.  The Company's platform consists of patented technology from leading universities and researchers and we are currently in the process of developing an innovative therapeutic drug platform through strong partnerships with world renowned educational institutions, including The University of Texas at Austin and Wake Forest University. Our diverse pipeline of therapeutics includes therapies for pancreatic cancer, acute myeloid leukemia (AML) and acute lymphoblastic leukemia (ALL). In addition, we are constantly seeking to grow our pipeline to treat unmet medical needs in oncology

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

Contact:

Investor Relations:      
Hayden IR
Brett Maas, Managing Partner
Phone: (646) 536-7331
Email: brett@haydenir.com
www.haydenir.com

AIkido:                       
Phone: 212-745-1373
Email: investorrelations@AIkido.com
www.AIkido.com

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SOURCE AIkido Pharma Inc.

FAQ

What did AIkido Pharma announce on August 11, 2020?

AIkido Pharma announced the extension of its exclusive option agreement with the University of Maryland, Baltimore for the technology in Patent 10,434,116 related to treating coronavirus infections.

What is the new expiration date of AIkido's option agreement?

The new expiration date for AIkido's option agreement is December 2, 2020.

What is Patent number 10,434,116 related to?

Patent number 10,434,116 relates to methods of treating coronavirus infections.

Did the NIH have a role in the development of the patent?

Yes, the patent was developed with government support under Grant Number AI095569 awarded by the National Institutes of Health, which has certain rights in the invention.

When was the original option for treatment of coronavirus disclosed?

The original option for treatment of coronavirus was disclosed on March 6, 2020.