Cir19 Jun 2019 12:59
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AIT Enters into $32.5 million Commercial Licensing Agreement with Circassia Pharmaceuticals for Its Novel Nitric Oxide Generator and Delivery System for Use in the Hospital Setting in the United States and China
January 24, 2019 07:00 ET | Source: AIT Therapeutics, Inc.
Additionally, AIT to garner a 15%-20% royalty on gross profit
AIT will immediately request to be listed on the NASDAQ stock exchange
PMA submission on track for the second quarter of 2019
Company to host a call today, Thursday, January 24, 2019 at 8:30am ET
GARDEN CITY, N.Y. and REHOVOT, Israel, Jan. 24, 2019 (GLOBE NEWSWIRE) -- AIT Therapeutics, Inc. (OTCQB: AITB), a clinical-stage medical device and biopharmaceutical company focused on developing inhaled Nitric Oxide (NO) for the treatment of patients with respiratory conditions including serious lung infections and pulmonary hypertension, today announced it has licensed the commercial rights for its novel cylinder free nitric oxide (NO) generator and phasic-flow delivery system (AirNOvent*) in the United States and China for use in the hospital setting at NO concentrations < 80 ppm to Circassia Pharmaceuticals plc.
“We are thrilled to complete this agreement with Circassia, a respiratory focused, specialty pharmaceutical company with estimated 2018 revenues of approximately $62 - $67 million. We look forward to working with a highly skilled Circassia team to bring this revolutionary product to market,” remarked Steve Lisi, Chairman and Chief Executive Officer of AIT. “Circassia is one of the very few companies in the United States with comprehensive knowledge of the specialty hospital market and nitric oxide by way of its NIOX® asthma management system. NIOX® is a nitric oxide measurement system for monitoring airway inflammation sold to specialists around the world.”
Impact on AIT
AIT’s cash runway will be extended through the first quarter of 2020, exclusive of regulatory approval milestonesThe Company will immediately request to be listed on the NASDAQ stock exchangeEnables AIT to increase its support infrastructure for a pivotal bronchiolitis study and a pilot nontuberculous mycobacteria (NTM) study in the U.S., both anticipated to commence prior to year-end 2019.Enhances the Company’s ability to find commercial partners in other key global markets
Key Deal Terms
AIT grants Circassia an exclusive license for the commercialization of AIT’s nitric oxide generator and delivery system for the treatment of persistent pulmonary hypertension of the newborn (PPHN) and related indications at concentrations of < 80 ppm in the hospital setting in the United States and ChinaAIT will receive payments in the form of either i) Circassia stock at a discount to a pre-determined trailing average or ii) in cash (at approximately a 4.75% discount to the figures shown below), based upon the achievement of certain milestones as follows
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