Neurobiological Technologies (NTI) received $4 million from Celtic Pharmaceutical as the final noncontingent payment for worldwide rights to Celtic Pharma for Xerecept®, a Phase III clinical compound being studied for the treatment of peritumoral brain edema.
With this final payment, NTI will have received a total of $33 million in guaranteed payments for the sale of Xerecept. NTI will also receive up to $15 million in additional payments if Xerecept meets certain regulatory milestones. NTI is serving as the CRO for the Phase III Xerecept trials and will receive a share of profits in the U.S. and royalties in other international markets if Xerecept ultimately receives regulatory approval and is commercialized.