NeuroproteXeon announced today that they have completed a distribution agreement with Linde AG (Lin.de) for XENEX™ (xenon by inhalation) for Post Cardiac Arrest Syndrome ("PCAS") for the European Union plus United Kingdom, Switzerland, Norway and Iceland.
The agreement includes a multi-tiered royalty and 23 million euros in milestone payments. The two key milestone payments are on approval for PCAS from the European Medicines Agency ("EMA") and when Linde reaches cumulative sales of 100 million euros - provided this occurs in the first four years following approval.
Bill Burns, CEO of NeuroproteXeon, was elated with the agreement. "When we started the Company we believed the nitric oxide business model established by Linde, and employed by Mallinckrodt in North America, was going to be our go to market strategy. To be able to partner with both these companies establishes a terrific platform for mutual success."
Urmi Prasad Richardson, Global Head of Healthcare in the Centre of Excellence, noted, "This partnership marks the continued commitment Linde has to Healthcare innovation through development of new technologies, and therapeutic uses of medical gas. It is gratifying to be developing a product that combines the potential to save lives with significant commercial viability. Linde's portfolio continues to evolve to meet the demands of the market and our customers."