AEterna Zentaris Receives $2.5 Million Milestone Payment From Cowen Healthcare Royalty Partners
All amounts are in U.S. dollars
QUEBEC CITY, Feb. 28 /PRNewswire/ - Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZ) (the "Company"), a late-stage drug development company specialized in oncology and endocrinology, today announced that it had received a net sales milestone of $2.5 million from Cowen Healthcare Royalty Partners, L.P. ("Cowen Royalty"). This milestone was payable pursuant to the previously announced sale to Cowen Royalty of Aeterna Zentaris' rights to royalties on future net sales of Cetrotide®, covered by the Company's license agreement with Merck Serono, and was contingent on 2010 net sales of Cetrotide® reachinga specified level.
Juergen Engel, Ph.D., President and CEO of Aeterna Zentaris stated, "We are pleased to have reached this $2.5 million milestone which will be incremental to advance perifosine, AEZS-108 and other innovative oncology compounds from our extensive product pipeline."
About Cetrotide®
Cetrotide® was the first luteinizing hormone-releasing hormone antagonist treatment approved for in vitro fertilization. It is administered to women to prevent premature ovulation in order to increase fertility success rate. It was launched in Europe in 1999 and in the United States in 2001. Cetrotide® is currently marketed worldwide by Merck Serono, except for Japan where it is marketed by Nippon Kayaku and Shionogi.
About Aeterna Zentaris Inc.
Aeterna Zentaris is a late-stage oncology drug development company currently investigating potential treatments for various cancers including colorectal, ovarian, endometrial cancer and multiple myeloma. The Company's innovative approach of "personalized medicine" means tailoring treatments to a patient's specific condition and to unmet medical needs. Aeterna Zentaris' deep pipeline is drawn from its proprietary discovery unit providing the Company with constant and long-term access to state-of-the-art therapeutic options. For more information please visit www.aezsinc.com.
About Cowen Healthcare Royalty Partners
Cowen Healthcare Royalty Partners is a global healthcare investment firm with more than $1 billion under management. The Firm invests principally in commercial-stage healthcare companies and products through drug royalty acquisitions and structured financings. Cowen Royalty's investment team has over 100 years of healthcare related experience including principal investing, structured finance, healthcare industry senior management, Wall Street research and consulting, and scientific and clinical experience. For more information, visit www.cowenroyalty.com.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to
the safe harbour provisions of the U.S. Securities Litigation Reform
Act of 1995. Forward-looking statements involve known and unknown risks
and uncertainties that could cause the Company's actual results to
differ materially from those in the forward-looking statements. Such
risks and uncertainties include, among others, the availability of
funds and resources to pursue R&D projects, the successful and timely
completion of clinical studies, the ability of the Company to take
advantage of business opportunities in the pharmaceutical industry,
uncertainties related to the regulatory process and general changes in
economic conditions. Investors should consult the Company's quarterly
and annual filings with the Canadian and U.S. securities commissions
for additional information on risks and uncertainties relating to
forward-looking statements. Investors are cautioned not to rely on
these forward-looking statements. The Company does not undertake to
update these forward-looking statements. We disclaim any obligation to
update any such factors or to publicly announce the result of any
revisions to any of the forward-looking statements contained herein to
reflect future results, events or developments, unless required to do
so by a governmental authority or by applicable law.
SOURCE AETERNA ZENTARIS INC.