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RegeneRx, Digital Aria sign two product license agreements
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RegeneRx Biopharmaceuticals and Digital Aria have entered into two product license agreements to develop RegeneRx’s RGN-259 preservative-free eye drop product candidate in Asia and its RGN-137 topical dermal gel product candidate in the U.S., according to a press release.
License terms include commercial milestone payments of up to $7 million and a double-digit royalty on any commercial sales. Digital Aria has to initiate phase 2 clinical trials in the U.S. and Australia within 3 years, the release said.
Digital Aria will make an equity investment of $2.35 million, enabling RegeneRx to proceed with its ophthalmic clinical program, and has a 10-month option to purchase additional common stock for $825,000, the release said.
The agreement, as it pertains to RGN-137, will be exclusive in the U.S., while the terms pertaining to RGN-259 will be exclusive in Korea, Japan, Australia, New Zealand, Brunei, Cambodia, East Timor, Indonesia, Laos, Malaysia, Mongolia, Myanmar (Burma), Philippines, Singapore, Thailand, Vietnam and Kazakhstan.
Additionally, RGN-259 will be semi-exclusive in India, Pakistan, Bangladesh, Bhutan, Maldives, Nepal, Sri Lanka, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.