Newron gets milestone payments for US approval of Xadago
Italian drugmaker Newron Pharmaceuticals (NWRN: SIX) revealed today that it has received a milestone payments linked to the approval of its lead compound Xadago (safinamide) for the treatment of Parkinson’s disease by the US Food and Drug Administration.
In March, the FDA approved Xadago tablets as an add-on treatment for patients with Parkinson’s disease who are currently taking levodopa/carbidopa and experiencing “off” episodes, making it first new Parkinson’s drug to be cleared for marketing in the USA for more than a decade.
The payments totaled 11.3 million euros ($12.3 million) which, under the applicable IFRS rules, will be recognized as immediate revenue. Newron is also eligible to receive royalty payments on sales as part of the 2012 agreement.
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