LONDON (Alliance News) - Vectura Group PLC said Friday that the US Food and Drug Administration has approved its fibrin sealant Raplixa, and the RaplixaSpray device, to control bleeding during surgery when standard techniques such as sutures are ineffective or impractical.
This triggers a milestone payment to Vectura as part of a consideration related to the acquisition of ProFibrix BV in 2013 by The Medicines Company. The final amount of this payment will be determined under a shareholder agreement.
Vectura acquired patents licensed to ProFibrix BV in relation to Raplixa when it bought Innovata PLC.
It will also potential receive payments based on sales milestones in the US and Europe, and single digit royalty on sales of Raplixa.
Shares in Vectura are trading up 1.7% at 159.39 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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