Nicox SA announced that it has received a $3 million milestone payment from partner Eyevance Pharmaceuticals after completion of the regulatory and manufacturing activities.
Nicox and Eyevance entered into a licensing agreement for Zerviate in the United States in September 2017 in which Nicox agreed to provide pre-launch manufacturing support to Eyevance and was responsible for completing the requisite scale-up activities for the manufacturing of the commercial product and professional samples necessary for the launch. Beginning now, all manufacturing and regulatory responsibilities, together with decisions on launch timing, lie with Eyevance. Eyevance has informed Nicox that the launch is currently projected in H1 2020 instead of summer this year. Nicox remains eligible for up to $37.5 million in milestones payable on Eyevance achieving pre-defined sales targets, with $30 million of these milestones being triggered by annual sales of $100 million and above. Nicox will also receive tiered royalties of 8% to 15% on future net sales of Zerviate in the US.
Zerviate is also licensed to Ocumension Therapeutics for the Chinese market. Nicox currently retains rights for all other territories outside of the U.S. and China.