Tuesday 5th of April 2022 05:50:30 AM
ElectroCore enters into an exclusive license agreement with Teijin for Japan territory
- ElectroCore (NASDAQ:ECOR) up 2% PM on agreement with a Japan based global conglomerate Teijin Limited to license certain exclusive rights to its non-invasive vagus nerve stimulation (nVNS) technology for commercialization in Japan for a range of primary headache disorders.
- Under the agreement, the Company will receive a non-refundable, upfront payment for the licenses and rights granted to Teijin.
- The Company also will receive an annual license fee commencing on the first anniversary of the agreement and payable annually until the first commercial sale on any approved indication.
- Upon favorable regulatory and payor coverage decisions in Japan, the parties will enter into an exclusive commercial supply agreement.
- As part of the agreement, Teijin is responsible for all costs associated with regulatory approval by the Pharmaceuticals and Medical Devices Agency, the Japanese FDA equivalent. and will have the right of first negotiation for a license to additional indications in Japan.