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news.Inspire Pharmaceuticals has received $1.25 million milestone payment from Santen Pharmaceutical, related to the completion of Santen's Phase III testing of diquafosol tetrasodium, for the treatment of dry eye.
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Santen has announced that it expects to file an application by the end of June 2008 for marketing approval in Japan.
Inspire and Santen have a collaborative agreement for the license, development and supply for diquafosol, in Japan, China, South Korea, the Philippines, Thailand, Vietnam, Taiwan, Singapore, Malaysia and Indonesia. If the product is approved by regulatory authorities, Santen will be responsible for commercialization of the product in the designated countries and Inspire will receive royalties on net sales of the product.
Christy Shaffer, president and CEO of Inspire, said: “We are pleased that Santen is moving rapidly toward a Japanese marketing application, which could lead to a meaningful royalty stream for Inspire, if the product is approved.”