Ceragenix Pharmaceuticals updates its cooperative research and development with MAST BioSurgery

Ceragenix Pharmaceuticals, Inc. ("Ceragenix" or the “Company”) (OTCBB:CGXP), a medical device company focused on infectious disease and dermatology, today provided an update to a previously announced exclusive cooperative research and development (the "Agreement”) with MAST BioSurgery Inc. (“MAST”) for the development of one or more new surgical products incorporating Ceragenix’s CeraShield™ antimicrobial technology. Ceragenix announced that based on its evaluation activities undertaken to-date, MAST has decided to invoke its right to negotiate commercialization terms pursuant to the terms of the Agreement. Under the terms of the Agreement, MAST has an exclusive sixty (60) day period to negotiate a license agreement for the Cerashield™ technology within the field of use as defined in the Agreement. There is no assurance that the parties will be able to reach an agreement on the terms of a license agreement.

Mr. Steven Porter, Chairman and CEO of Ceragenix said: "We're very pleased to announce this progress in our licensing efforts. MAST represents the second partner to exercise their exclusive option to license rights within the past two months. We look forward to our discussions with MAST on how we can move forward together.”