The milestone payment follows the successful incorporation of MicroDose’s DPI technology into a Novartis platform pulmonary device.
In addition to the upfront payment received, MicroDose is entitled to receive additional milestone payments and royalties on product sales.
As per the terms of the agreement, Novartis is funding development and commercialization of products that employ MicroDose’s DPI technology for the administration of Novartis’ proprietary respiratory compounds.
MicroDose Research and Development vice president David Byron said the collaboration with Novartis has yielded a platform embodiment of MicroDose’s DPI technology for Novartis to use in advancing development of a number of their proprietary respiratory pipeline products.