Processa Pharmaceuticals (PCSA) said Tuesday it has entered into a binding agreement granting Intact Therapeutics an exclusive option to license PCS12852, a potential treatment for gastroparesis and other gastrointestinal motility disorders.
The agreement could provide Processa with a $2.5 million option exercise fee, up to $20 million in development and regulatory milestones, and over $432.5 million in commercial milestones, the pharmaceutical company said, adding that it will also receive a double-digit royalty on global net sales, excluding South Korea, and a 3.5% equity stake in Intact.
Processa said it must share 60% of any cash proceeds, excluding the equity stake, with its licensor, per the existing agreement.
PCS12852 showed promising safety and efficacy in a phase 2a trial for diabetic gastroparesis, the company said.
The exclusive license will be effective upon completion of definitive agreements and other closing conditions, it added.
Shares of Processa were up 208% in recent Tuesday trading.
Price: 0.69, Change: +0.47, Percent Change: +208.00
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