Under the terms of the agreement, Prometheus made an up-front payment which may be followed by additional payments on the successful achievement of future development milestones, including FDA approval of the product.
Prometheus will also sponsor substantially all of the clinical development costs for Colal-Pred in North America and pay royalty rates which increase with higher annual net sales levels of Colal-Pred. After successful completion of clinical trials, Prometheus anticipates a new drug application filing with the FDA in 2011.
Tim McCarthy, Alizyme’s CEO, said: “This partnership with Prometheus marks an important step in the commercialization of Colal-Pred in North America in parallel with our own development and commercialization plans in Europe and the rest of the world.”