BioArctic AB announced that the company will receive a milestone payment of MEUR 15 from its partner Eisai for the achievement of the first patient being dosed in the global, single confirmatory Phase 3 study (Clarity AD) with BAN2401 in early Alzheimer´s disease.
Eisai is responsible for the clinical development of BAN2401, including this confirmatory Phase 3 study, and BioArctic is entitled to milestone payments and royalties. The total value of the payments to BioArctic under the collaborations can amount to MEUR 218 and in addition there are high single digit royalty payments. BioArctic has no development costs for BAN2401 in Alzheimer’s disease. With the first patient dosed in the confirmatory Phase 3 study, BioArctic will receive the milestone payment of MEUR 15, which contributes positively to BioArctic’s revenues in the second quarter of 2019. With this payment, BioArctic will have received MEUR 62 from Eisai.
“The start of patient dosing in the confirmatory Phase 3 study in early Alzheimer´s disease is a very important step in the development of BAN2401. The drug candidate has the potential to be a treatment that modifies the course of disease for early Alzheimer’s disease patients and thus truly slows down its progression. For BioArctic, the milestone payment also means a substantial contribution to our finances,”
comments Gunilla Osswald, CEO, BioArctic.