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Circassia reaches settlement agreement with Beyond Air
StockMarketWire.com
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Medical device company Circassia said it had signed an agreement to settle its contractual dispute with Beyond Air.
Under the terms fo the settlement, Circassia agreed to surrender its rights to the LungFit product in exchange for payments by Beyond Air for up to a maximum of $16.5 million.
The $16.5 million payment included a $2.5 million within 60 days of the approval of LungFit by the FDA, $3.5 million within 60 days of the first anniversary of FDA approval, and $4.5 million within 60 days of the second anniversary of FDA approval.
'Circassia will also be entitled to a further royalty of 5% of net sales of LungFit, commencing on the second anniversary of FDA approval and capped at a maximum of $6 million,' the company said.
At 8:49am: (LON:CIR) Circassia Pharmaceuticals Plc share price was 0p at 26p
Story provided by StockMarketWire.com
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