BioSante receives $7M milestone payment |
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Published
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Mon, 26 Mar 2007 14:31
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LINCOLNSHIRE, Ill. (AP) - BioSante Pharmaceuticals Inc. said Monday it received a $7 million milestone payment from Bradley Pharmaceuticals Inc. for progress in developing a hot flash treatment.The payment is the first of two triggered by the December 2006 Food and Drug Administration approval of Elestrin, an estradiol gel used as a hot flash treatment. The FDA approved two doses of Elestrin, 12.5 micrograms per day and 37.5 micrograms per day in a non-conditional full approval.BioSante is entitled to an additional $3.5 million payment in December.BioSante signed an agreement with Bradley in November 2006 for the U.S. marketing if Elestrin through Bradley's Kenwood Therapeutics unit. BioSante received an initial payment of $2.6 million last year based on a total licensing payment of $3.5 million.Bradley expects to launch Elestrin in the middle of the year into the estrogen therapy market. BioSante has the right to receive up to an additional $40 million after certain sales-based milestones are achieved.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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