Common use of Patent Assignment Clause in Contracts

Patent Assignment. Zynerba hereby assigns and transfers, without representation or warranty regarding validity or infringement, all of its rights, title and interest in U.S. Patent No. 8,481,560, issued on July 9, 2013 (the “Patent”), any foreign equivalents thereto, and any U.S. or foreign patents or applications which claim priority from the Patent or U.S. application number 13/079,758 as fully listed on Schedule A (collectively, the “Transferred IP”), free and clear of the lien of, and any security interest or assignment to, KEDFA, and for no monetary consideration, to BUZZZ PHARMA. Contemporaneously with the Parties’ execution of this Agreement, Zynerba shall execute the assignment attached hereto as Exhibit 1, of the Transferred IP from Zynerba to BUZZZ PHARMA. This Agreement shall not be deemed valid or effective until Zynerba has provided BUZZZ PHARMA with evidence of the submission of the cancellation and release of KEDFA’s assignment and any security interest and/or lien on the Transferred IP to the U.S. Patent and Trademark Office for recording purposes, and the executed assignment of the Transferred IP from Zynerba to BUZZZ PHARMA has been delivered to BUZZZ PHARMA.