Onxeo Confirms Receipt of $25-Million Milestone Payment
Onxeo SA, an innovative company specializing in the development of orphan oncology drugs, recently announced it has received from his US partner Spectrum Pharmaceuticals the milestone payment of $25 million related to the approval of Beleodaq by the FDA.
Early July 2014, Beleodaq was granted by the US FDA conditional marketing authorization for the treatment of patients with relapsed or refractory peripheral T-cell lymphoma (PTCL) under the FDA’s accelerated approval program. Related to that, Onxeo US partner Spectrum Pharmaceuticals has paid the $25-million milestone as planned by contract.
Following the New Drug Application approval, Spectrum Pharmaceuticals team has initiated Beleodaq promotion in August to key hematologists and has already generated about $2 million in sales for Q3 2014, bringing the first royalty stream for Onxeo.
“Beleodaq marketing authorization is a tremendous achievement from both teams, who have worked very closely and successfully managed to get this NDA significantly ahead of schedule,” said Judith Greciet, CEO of Onxeo. “The milestone payment represents of course a large addition to our cash situation but also signs the fruitful collaboration between our two companies, both heading for the same goal, making Beleodaq a recognized product for its clinical value as well as its significant sales potential.”
Onxeo has the vision to become a global leader and pioneer in oncology, with a focus on orphan or rare cancers, through developing innovative therapeutic alternatives to make the difference. The Onxeo teams are determined to develop innovative medicines to provide patients with hope and significantly improve their lives. For more information, visit www.onxeo.com.
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