US$7 Million of US Bronchitol Launch Milestone Payment Brought Forward
Release Date: 05/08/2020 9:32am
Pharmaceutical research company Pharmaxis Ltd (ASX: PXS) today announced an accelerated timeline on payment of the initial tranche of a US$10 million Bronchitol launch milestone following negotiation with its US licensee Chiesi Farmaceutici S.p.A. (Chiesi). US$7 million of the milestone will now be payable by Chiesi upon US approval of Bronchitol by the Food and Drug Administration (FDA) who have advised a Goal Action Date of 1 November 2020. Another US$3 million will remain payable on shipment by Pharmaxis of commercial launch stock in the first quarter of 2021.
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