RE: ALL LTH1 Apr 2021 06:30
Thanks latras, fantastic news :-)
"The Directors are pleased to report that this payment was received, in full, on 31 March 2021.
All efforts will continue to be directed towards commencement of the randomized clinical trial, which remains on track to commence in April / May 2021, with an estimated end point of 12 months thereafter. In this respect and as previously advised, WANBANG Biopharmaceutical has appointed a leading contract research organisation to undertake the phase III double blinded multi-centre randomised clinical trial and the Group looks forward to undertaking this next critical step towards commercialisation of Senstend™ in Mainland China.
If the clinical study meets its endpoints and NMPA has granted an import licence for Senstend™, then US$5 million (or approximately HK$39 million) before deduction of PRC withholding tax will be payable to the Group from Wanbang Biopharmaceutical. In addition, upon first commercial sale of Senstend™ in China, US$2 million (or approximately HK$15.6 million) before deduction of PRC withholding tax shall be payable to the Group from Wanbang Biopharmaceutical. In
addition, the Group will generate low to mid-teens royalties of Wanbang Biopharmaceutical’s net sales of Senstend™ in China. "
Heimdal