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Friday, May 14, 2021 9:27:30 AM
Alright then, maybe you'll find this more relevant...:
Yesterday's PR said this:
"Per the licensing agreement, Innovation Pharma is eligible to receive $24 million in upfront and milestone payments, and a 6 percent royalty (net sales), upon the successful marketing of Brilacidin for UP/UPS."
The licensing agreement confirms that, with an important qualification:
"Royalties. During the Royalty Term, ALFASIGMA will pay IPI a royalty equal to 6% of the Net Sales, on a product-by-product, country-by-country basis, while and to the extent that the Compound or the Product is Covered by any IPI Patent (the “Royalty”, and together with the Initial Payment and the Milestone Payment, collectively, the “Consideration”), provided, however, that the Royalty shall be automatically, without action of any Party, reduced to 2% of the Net Sales if the Compound and/or the Product are not Covered by any IPI Patent or are otherwise Covered by a Joint Patent under Section 8.1(c)."
The latest 10Q says this:
"In January 2021, Alfasigma notified the Company that the Phase 1 study for the treatment of UP/UPS using Brilacidin in a proprietary Alfasigma formulation successfully completed dosing per protocol; an extra treatment cohort is since added by amendment and due to start imminently."
Is Alfasigma's proprietary formulation "Covered by any IPI Patent or (are) otherwise Covered by a Joint Patent under Section 8.1(c)"?
We know that IPIX will earn "a 6 percent royalty (net sales), upon the successful marketing of Brilacidin for UP/UPS" but Alfasigma isn't marketing Brilacidin. They've apparently developed their own compound that USES Brilacidin. Might that not lower the royalty to 2%?
https://www.sec.gov/Archives/edgar/data/1355250/000147793219004223/ipix_ex101.htm
I'm tryin ta think but nuttin happens......Curly
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