As per the terms of the agreement, Pfizer is expected to get upfront fee by MingSight which it will pay in the form of cash and a convertible note, as well as development and sales related milestone payments and royalties on future sales.
MingSight co-founder and CEO Kai Zhang said that MingSight looks forward to employing their novel approach to R&D, which includes collaborations with partners in China, to quickly advance the development of these promising agents.
MingSight co-founder and chief scientific officer Michael Niesman said that they are committed to trying to advance the novel compounds through preclinical and clinical studies and their goal is to demonstrate the safety and efficacy in clinical trials and thereby unlock the potential of these agents for addressing the needs of patients with serious and sight-threatening ophthalmic diseases.