(March 5, 2021) PharmaEngine (TWO:4162) announced today to terminate the Exclusive License and Collaboration Agreement for NBTXR3 entered into by and between PharmaEngine and Nanobiotix in August 2012. PharmaEngine will grant back to Nanobiotix the exclusive right for the development and commercialization of PEP503 (NBTXR3) in Asia Pacific Region. PharmaEngine is entitled to a total amount of US$12.5 million of milestone payments upon achievement of certain milestones, as well as tiered royalties on net product sales of NBTXR3 in the Asia Pacific Region.

Nanobiotix notified PharmaEngine of a material breach of the terms of the License and Collaboration agreement on November 20, 2020. In a letter dated December 1, 2020, PharmaEngine responded to Nanobiotix's notification of material breach, denying a material breach of the License Agreement and asserting certain material breaches of that agreement by Nanobiotix. After discussion between the two parties, this agreement to terminate the License and Collaboration Agreement represents a full resolution of outstanding disagreements over a number of issues with respect to the development of NBTXR3 in the Asia-Pacific region.

"The termination of the collaboration relationship with Nanobiotix will not affect PharmaEngine's efforts for new drug development. In addition, we expect that Nanobiotix could expedite commercialization of NBTXR3 worldwide." said Hong-Ren Wang, PhD, President and Chief Executive Officer of PharmaEngine. "We will concentrate our efforts to accelerate licensing in of new products and strengthening our pipelines in order to provide additional treatment opportunities for patients in the near future."