Ceragenix Pharmaceuticals received a $1.5 million milestone payment from Dr. Reddy’s Laboratories pursuant to the firms’ agreement to jointly commercialize EpiCeram® in the U.S.
EpiCeram® is a topical nonsteroidal skin care cream that is scheduled to be launched later this year.
As per the agreement, Ceragenix may earn nonsales based milestone payments of up to $3.5 million upon the accomplishment of three specified events inclusive of certain product launch specific considerations. The payment received from DRL represents the accomplishment of one such event and is refundable in the event that Ceragenix cannot provide launch quantities of a properly validated and shelf-stable product. The company feels confident that it can meet those requirements.