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news.Immunomedics has received $5m from Nycomed for reaching the first clinical milestone event, under the license and collaboration agreement signed on July 11, 2008. The deal was for the worldwide rights to develop, manufacture and commercialise Veltuzumab for the treatment of all non-cancer indications.
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As per the agreement, Immunomedics could potentially receive up to $580m from Nycomed upon achievement of certain clinical, regulatory, and sales-based milestones. The agreement also provides the company with escalating double-digit royalties on net sales of Veltuzumab.
Cynthia Sullivan, president and CEO of Immunomedics, said: “We are pleased to have reached the first clinical milestone related to the development of Veltuzumab in the immune thrombocytopenic purpura indication.
“We look forward to continuing our successful collaboration with Nycomed in developing the full potential of Veltuzumab in the field of autoimmune and inflammatory diseases.”