RE: Pecuniary Advantage22 Nov 2021 21:32
Nsr its about ipr improvement. Funny that the debacle here creates discern and the sp drop re approved HNW subscriptions seem irrelevant and the improved ipr patents stand for nothing!
Details of the CRT License Agreement and the Amendment
Pursuant to the CRT License Agreement, Sierra made a one-time upfront payment of $7.0 million to CPF in October 2016 and paid $2.0 million to CPF in January 2017 for the successful transfer of two ongoing Phase 1 clinical trials. Sareum received a total of approximately $2.5 million from these payments.
Under the terms of the original CRT License Agreement, additional milestone payments of up to an aggregate of $319.5 million were payable to CPF upon the achievement of certain developmental, regulatory and commercial milestones, including a milestone payment of $7.5 million upon the dosing of the first patient in the first Phase 1 trial of SRA737 in the United States, and a payment of $12.0 million upon the dosing of the first patient of a randomised Phase 2 trial of SRA737.
Pursuant to the terms of the Amendment, Sierra and CPF have agreed to a decrease in the additional milestone payments of up to an aggregate of $290.0 million that may be payable to CPF upon the achievement of certain developmental, regulatory and commercial milestones, including a milestone payment of $2.0 million upon the dosing of the first patient of the first trial of SRA737 following the Amendment.
In the event that the milestone payment for a milestone event, as defined in the CRT License Agreement, becomes due, but no milestone payment for an earlier milestone event has been paid, then the milestone payment attached to the earlier milestone event will automatically become due and payable contemporaneously with the payment for the later milestone event. Sierra will accrue for any future milestones payments once they are considered probable of occurring.
In addition, Sierra remains required to pay CPF, on a product-by-product and country-by-country basis, tiered high single-digit to low double-digit royalties on the net sales of any product successfully developed.
Sareum continues to be eligible for 27.5% of the economics of the CRT License Agreement, as amended
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