Exhibit 2.2
ASSET PURCHASE AGREEMENT
ASSET PURCHASE AGREEMENT dated as of
the 14th day of September, 2007, by and between Sontra Medical
Corporation, a Minnesota Corporation having its principal office at
10 Forge Parkway, Franklin, Massachusetts 02038
(“Buyer”), and DP Pharmaceuticals, LLC, a North
Carolina limited liability company, having its principal office at
4364 South Alston Avenue, Durham, North Carolina 27713
(“Seller”).
WHEREAS, Seller is the owner of a
package of proprietary information which has been filed with the
United States Food and Drug Administration (the “FDA”)
known as Drug Master File No. 4670 (“DMF 4670”), a
Type V Drug Master File (non-clinical), related to toxicology
studies for the development of a product known as Azone (the
“Product”) and certain trademarks and trademark
applications, set forth on Schedule A attached hereto,
related to the Product (together with DMF 4670, the
“Assets”); and
WHEREAS, Seller desires to sell and
Buyer desires to purchase all of Seller’s right, title and
interest in and to the Assets, on the terms and subject to the
conditions herein set forth;
NOW, THEREFORE, in consideration of
the premises and the mutual covenants, agreements, representations
and warranties herein set forth, and other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound,
agree as follows:
ARTICLE I
DEFINITIONS
Section 1.1 Definition of
Terms : Except where otherwise expressly indicated, the terms
defined in this Section 1.1, whenever used in this Agreement,
shall have the respective meanings indicated below.
“ Agreement ”:
means this Asset Purchase Agreement.
“ Consent ”: means
any consent, approval, authorization, waiver, permit, grant,
franchise, concession, agreement, license, exemption or order of,
registration, certificate, declaration or filing by or with, or
report or notice to, any Person, including any governmental
authority.
“ Encumbrance ”:
means any mortgage, pledge, deed of trust, hypothecation, right of
others, claim, security interest, encumbrance, grant, assignment,
transfer, set over, conveyance, sale, lease, sublease, license,
sublicense, agreement, adverse claim, right, title or interest,
imperfection or defect in title, easement, assessment, covenant,
encroachment, burden, title retention agreement, voting trust
agreement, interest, equity, option, lien, right of first refusal,
charge, liability, debt, duty or obligation or other restriction or
limitation of any kind.
“ Person ”: means
any natural person, firm, partnership, association, corporation,
company, limited liability company, trust, business trust,
governmental authority or other entity.
ARTICLE 2
SALE AND PURCHASE OF ASSETS
Section 2.1 Assets . Upon
the terms and subject to the conditions set forth in this
Agreement, Seller hereby sells, assigns, grants, conveys, delivers
or otherwise transfers to Buyer, and Buyer hereby purchases from
Seller, all of Seller’s right, title and interest in the
Assets.
Section 2.2 Effective Date
and Closing Date . The Effective Date of this Agreement and the
Closing Date of this Agreement shall be the date this Agreement is
fully executed by the Buyer and the Seller.
ARTICLE 3
CONVEYANCES AND TRANSFER
Section 3.1 FDA
Notification . The Seller shall provide the necessary
regulatory documents to the FDA, in the form generally required by
the FDA, informing the FDA of the transfer of ownership in
connection with the transactions contemplated by this Agreement,
including, but not limited to, a letter signed by an authorized
representative of Seller with substantially the following
information:
- 2 -
| |
(a) |
|
Name of Buyer or its designee as transferee;
|
| |
| |
(b) |
|
Address of Buyer or its designee transferee; |
| |
| |
(c) |
|
Name of responsible official or representative of Buyer or its
designee as transferee; |
| |
| |
(d) |
|
Effective date of transfer pursuant to this Agreement; |
| |
| |
(e) |
|
Signature of the authorized representative of Seller effecting
the transfer; and |
| |
| |
(f) |
|
Typewritten name and title of the authorized representative of
Seller effecting the transfer. |
Section 3.2 Trademarks,
Etc . The Seller shall file the Assignment of Trademarks, in
substantially the form attached hereto as Exhibit A ,
with the United States Patent and Trademark Office
(“PTO”) and shall make such other filings and take such
other actions as is generally required by the PTO to transfer and
assign the ownership of the trademarks and trademark applications
set forth on Schedule I .
Section 3.3 Conveyances .
At any time and from time to time after the Closing Date, Seller
will, upon the request of Buyer and at Buyer’s expense, do,
execute, acknowledge and deliver, or will cause to be done,
executed, acknowledged or delivered, all such further acts, deeds,
assignments, grants, transfers, conveyances, powers of attorney or
assurances as may reasonably be required by Buyer to confirm in
Buyer the assignment, transfer, grant or conveyance of the Assets
to Buyer.
- 3 -
ARTICLE 4
THE PURCHASE PRICE AND PAYMENT THEREOF
Section 4.1 Purchase
Price . The purchase price to be paid by Buyer to Seller for
the Assets shall be Sixty Thousand US Dollars (US $60,000.00). The
Purchase Price shall be paid in cash to Seller on the Closing Date
by wire transfer or such other means as may be agreed to by the
parties.
Section 4.2 No
Liabilities . Except as otherwise provided in Section 7.2,
Buyer will not assume, an
|