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| SNT > SEC Filings for SNT > Form 8-K on 5-Dec-2008 | All Recent SEC Filings |
5-Dec-2008
Termination of a Material Definitive Agreement, Financial Statements and
As previously disclosed, on November 19, 2001, Senesco Technologies, Inc. (the "Company") entered into a worldwide exclusive license agreement with the Harris Moran Seed Company, ("Harris Moran") to commercialize the Company's technology in lettuce and certain melons for an indefinite term, unless terminated by either party pursuant to the terms of the agreement (the "License Agreement"). Under the License Agreement, the Company received an upfront payment and could receive benchmark payments upon achievement of certain research and marketing milestones.
On December 5, 2008, the Company announced that the License Agreement has been terminated by the mutual agreement of the parties because of Harris Moran's recently announced corporate restructuring.
Harris Moran has reported that its parent company, Limagrain, restructured its vegetable seed operations and that Harris Moran will now be part of a new Business Unit with Clause (France) and Marco Polo (Thailand). This restructuring has resulted in a consolidation of R&D efforts amongst Harris Moran and its sister companies that will not encompass Senesco's technology. Harris Moran made Senesco aware of this shift in R&D focus and presented the Company with a letter on December 1, 2008 formally ending the relationship through the mutual agreement of the parties.
Pursuant to the terms of the License Agreement all rights to use Senesco's technology in lettuce and melon revert to Senesco. In addition, there are no further monies due by either party to each other under the terms of the agreement.
On December 5, 2008, the Company issued a press release announcing the termination of the License Agreement with Harris Moran. A copy of this press release is furnished as Exhibit 99.1.
(d) Exhibits.
Exhibit No. Description
99.1 Press Release of Senesco Technologies, Inc. dated December 5, 2008.
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