BioSante Pharmaceuticals, Inc. Receives Milestone Payment from Bradley Pharmaceuticals
Published: Dec 18, 2007
LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today announced receipt of a $3.5 million milestone payment under the terms of its Elestrin™ (estradiol gel) licensing agreement with Bradley Pharmaceuticals, Inc. (NYSE: BDY). The payment is the second of two triggered by the December 2006 U.S. Food and Drug Administration (FDA) approval of Elestrin and brings the total upfront and milestone payments received to $14.0 million. BioSante has the right under the agreement to receive up to an additional $40 million upon the achievement of certain sales-based milestones and has been receiving royalties since the mid-year launch of the product.