quote from announcement
'Regeneus to receive milestone payment for meeting primary endpoints in STEP trial for Progenza
Sydney, Australia – 21June 2017
Regeneus (ASX: RGS), a clinical-stage regenerative medicine company, today announced that it will receive a milestone payment of US$1m from AGC for meeting the primary endpoints of its Phase 1 safety trial of Progenza in patients with knee osteoarthritis. The company reported on the positive results of the trial on 22 May 2017.
This milestone payment is part of the terms and conditions of the agreement between Regeneus and AGC dated 28 December 2016 for the exclusive licence of the rights to manufacture Progenza for all clinical indications in Japan.
Under the Manufacturing Licence Agreement, Regeneus received an upfront payment of US$5.5m in January 2017. There are two further milestones in the agreement relating to the development and approval of Progenza in Japan with payments of US$10m in total.'
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