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news.Prism Pharmaceuticals has entered into an exclusive worldwide license agreement to co-develop, manufacture and commercialize Commonwealth Biotechnologies' helix-based peptide technologies, which are currently under investigation for the treatment of acute care cardiovascular indications.
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Under the terms of the agreement, Prism will pay Commonwealth Biotechnologies (CBI) a nominal signing fee, milestone payments against product approvals, and royalties from net product sales.
Milestone payments for FDA or USDA approvals include $5 million for first approved use, $2.5 million for the second approved use, and $1.25 million for the third approved use. Prism will collaborate with CBI to facilitate testing and related activities in support of the investigational new drug application.
“We are pleased to partner with a company with the extensive cardiovascular experience required to rapidly advance our technology through the clinical development and regulatory process, and manage the eventual manufacturing and commercialization,” said Robert Harris, president and CEO of CBI, and co-inventor.