DENVER--(BUSINESS WIRE)--Ceragenix Pharmaceuticals, Inc. (OTCBB:CGXP) (the "Company"), a biopharmaceutical and medical device company focused on infectious disease and dermatology, today announced that it had received a $1.5 million milestone payment pursuant to its exclusive distribution and supply agreement with Dr. Reddy’s Laboratories, Inc. (“DRL”) for the commercialization of EpiCeram® in the United States (the “DRL Agreement”). As disclosed in the Company’s previous public filings, the Company may earn certain non-sales based milestone payments of up to $3.5 million upon the accomplishment of three specified events inclusive of certain product launch specific considerations. The payment received from DRL represents the accomplishment of Specified Event 1. The payment is refundable in the event that the Company cannot provide launch quantities of properly validated and shelf stable product. The Company believes that it will be able to meet these requirements.
