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Optinose Announces Update to License Agreement with Avanir Pharmaceuticals for ONZETRA XSAIL | ||
By: Nasdaq / GlobeNewswire - 11 Dec 2018 | Back to overview list |
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YARDLEY, Pa., Dec. 11, 2018 (GLOBE NEWSWIRE) -- Optinose (NASDAQ:OPTN), a pharmaceutical company focused on patients treated by ear, nose and throat (ENT) and allergy specialists, today announced the Company received written notice from Avanir Pharmaceuticals, Inc. of its election to terminate the License Agreement to develop and commercialize ONZETRA® XSAIL® in the United States, Canada, and Mexico. As a result, the License Agreement is expected to terminate on March 10, 2019. Upon termination of the license agreement, Optinose may elect to continue to commercialize ONZETRA XSAIL itself or through a new licensee. “Optinose intends to evaluate its options with respect to the future of ONZETRA XSAIL,” stated CEO Peter Miller. “What is important is that we believe the termination of the license agreement will not have a material effect on the Company’s use of cash. Our strategic focus is on building a leading company to serve the unmet needs of ENT and Allergy Specialists and their patients. As a result, we intend to focus on options for ONZETRA XSAIL that involve minimal organizational burden for Optinose, which may include identifying and licensing ONZETRA XSAIL to a new partner.” Through September 30, 2018, under the terms of the License Agreement with Avanir, Optinose has received aggregate cash payments of $70 million in connection with the initial signing and subsequent payments. About Optinose Cautionary Note on Forward-Looking Statements Optinose Investor Contact |
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Copyright 2018 Nasdaq / GlobeNewswire | Back to overview list |