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news.MDRNA, a biotechnology company, has achieved a milestone under an amended version of the June 2006 development and licensing agreement with Amylin Pharmaceuticals, a biopharmaceutical company, for the development of intranasal exenatide.
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Under terms of the amended agreement, Amylin has committed to advancing the program, resulting in an accelerated $1 million milestone payment to MDRNA. Further, under terms of the amended agreement, MDRNA could receive an additional $79 million in future milestones and royalties.
Michael French, president and CEO of MDRNA, said: “We appreciate the confidence Amylin has shown in the potential of intranasal exenatide through their commitment to advancing the program. We continue to believe that our legacy intranasal assets have significant value and we remain committed to monetizing them for the benefit of the company and its shareholders.”