Histogenics Corporation Announces Receipt of $10 Million Up-front Payment for Japanese Neocart Agreement
HISTOGENICS CORP COMMON (HSGX)
Last histogenics corp common earnings: 8/9 04:11 pm
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Source: GlobeNewswire
WALTHAM, Mass., Jan. 09, 2018 (GLOBE NEWSWIRE) -- Histogenics Corporation (Histogenics) (Nasdaq:HSGX), a leader in the development of restorative cell therapies that may offer rapid-onset pain relief and restored function, announced that it has received the $10 million up-front payment from MEDINET Co., Ltd. (MEDINET), under the previously announced agreement for the development and commercialization of NeoCart® for the Japanese market. Per the terms of the agreement, the up-front payment was due within ten days of entering into the agreement. Histogenics and MEDINET announced entering into the agreement in December 2017, which included up to $87 million in total milestones and tiered royalties on sales, and a goal of commercializing NeoCart in Japan in 2021, if approved. “Our partnership with MEDINET for NeoCart is off to a strong start, and we’re pleased to receive the initial $10 million payment. The clinical and operations teams at both companies have initiated work to prepa
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