Onxeo confirms receipt of the $25M milestone payment on Beleodaq®
Onxeo SA (Euronext Paris, NASDAQ OMX Copenhagen - ONXEO), an innovative company specializing in the development of orphan oncology drugs, announces that it has received from his US partner Spectrum Pharmaceuticals the milestone payment of $25 million related to the approval of Beleodaq® by the FDA.
Early July 2014, Beleodaq® was granted by the U.S. Food and Drug Administration (FDA) conditional marketing authorization for the treatment of patients with relapsed or refractory peripheral T-cell lymphoma (PTCL) under the FDA’s accelerated approval program. Related to that, Onxeo US partner Spectrum Pharmaceuticals has paid the $25 million milestone as planned by contract.
Following the New Drug Application approval, Spectrum Pharmaceuticals team has initiated Beleodaq® promotion in August to key hematologists and has already generated about $2 million in sales for the 3rd quarter 2014, bringing the first royalty stream for Onxeo.
“Beleodaq® marketing authorization is a tremendous achievement from both teams, who have worked very closely and successfully managed to get this NDA significantly ahead of schedule”, comments Judith Greciet, CEO of Onxeo. “The milestone payment represents of course a large addition to our cash situation but also signs the fruitful collaboration between our two companies, both heading for the same goal, making Beleodaq® a recognized product for its clinical value as well as its significant sales potential.”