Progress payments23 Sep 2020 15:32
Avion will fund the full expected costs of the new Phase III trial up to $25 million.
·; ImmuPharma will receive milestone payments of up to $70 million. A $5 million milestone payment will be paid on regulatory approval of Lupuzor™ in lupus, and $65 million will be based on achievement of overall sales targets.
·; ImmuPharma will also receive $5 million for each additional approval, other than lupus, as Avion also has the rights, for the US, to explore further opportunities within Lupuzor™'s peptide platform for other auto-immune indications outside of lupus.
·; ImmuPharma will receive from Avion tiered double-digit royalties up to 17 percent, according to pre-specified annual US sales targets.
·; Avion has the right to use relevant trademarks for the development, manufacture and commercialisation of products.