Gemphire Announces Amended and Restated Gemcabene License Agreement with Pfizer Inc.
GEMPHIRE THERAPEUTICS INC COMMON (GEMP)
Last gemphire therapeutics inc common earnings: 5/9 04:02 pm
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Source: GlobeNewswire
LIVONIA, Mich., Aug. 06, 2018 (GLOBE NEWSWIRE) -- Gemphire Therapeutics Inc. (NASDAQ: GEMP), a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for cardiometabolic disorders, including dyslipidemia and nonalcoholic steatohepatitis (NASH), today announced that it has amended and restated the license agreement with Pfizer Inc. covering gemcabene. Gemphire licensed exclusive worldwide commercial rights to gemcabene from Pfizer in an agreement signed in April 2011. Under the original agreement, Pfizer had the right to terminate the license if the drug was not adequately commercialized by April 2021. The amended and restated agreement contains a number of changes to the license, including extending the date of the agreed deadline for the first commercial sale. As amended, Pfizer has the right to terminate the license if the first commercial sale has not occurred by April 2024. The royalty period in countries in which gemcabene becomes approved
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