This one-year extension of the research phase of the agreement will result in NicOx receiving E3 million in research funding in March 2008.
Under the terms of the March 2006 agreement, Pfizer paid NicOx an upfront technology license fee of E5 million and made a E15 million equity investment in the company during 2006. Pfizer has also paid NicOx E6 million in research funding since signature, in the form of two annual payments of E3 million in 2006 and 2007.
Now, Pfizer also has the option to obtain an exclusive worldwide license to develop and commercialize compounds resulting from the research program, in the field of ophthalmology until May 2009. The agreement provides for total potential milestone payments in excess of E300 million in the ophthalmology field, of which E102 million would arise from the successful full development and launch of the first compound.