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AegirBio AB's ("AegirBio" or the "Company") subsidiary Magnasense Technology Oy ("Magnasense") has today decided to initiate arbitration proceedings against Salofa Oy ("Salofa") due to Salofa's failure to comply with its obligations under the agreement entered into on July 7, 2023.
AegirBio announced through a press release on July 7, 2023,that a license and distribution agreement was entered into between AegirBio's subsidiary Magnasense and Salofa whereby Salofa was given access to MagniaReader and MagnetoImmunoAssay (MIA) for its own development of tests in veterinary medicine. Under the agreement, AegirBio, via Magnasense, would sell its existing MagniaReader to Salofa, who would bring it to the market with proprietary tests for horses, dogs and cats. Magnasense would then receive revenues from the sale of instruments and royalties on the tests that Salofa sells for the instruments.
Salofa has not complied with its obligations under the agreement. In light of this, the Company, having exhausted the possibilities for dialogue, has today decided to initiatearbitration proceedings through its subsidiary Magnasense.