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news.Ceragenix Pharmaceuticals has received a $1.5 million milestone payment pursuant to its exclusive distribution and supply agreement with Dr Reddy's Laboratories, for the commercialization of EpiCeram in the US.
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Ceragenix may earn certain non-sales based milestone payments of up to $3.5 million upon the accomplishment of three specified events inclusive of certain product launch specific considerations. The payment received from Dr Reddy’s Laboratories (DRL) represents the accomplishment of first specified event. The payment is refundable in the event that the company cannot provide launch quantities of properly validated and shelf stable product. The company believes that it will be able to meet these requirements.
Steve Porter, chairman and CEO of Ceragenix, said: “We are pleased to announce the receipt of this important milestone payment. We can now begin to focus on our responsibilities for product launch.”