By Anthony O. Goriainoff
Redx Pharma PLC said Wednesday that the investigational new drug application for its JZP815 treatment for solid tumors has been cleared by the U.S. Food and Drug Administration, triggering a milestone payment of $5 million from Jazz Pharmaceuticals PLC.
The London-listed drug discovery-and-development company said the payment stemmed from an agreement in which Jazz acquired Redx's pan-RAF inhibitor program. The company said the payment came on top of a previous $6.5 million payment already received, and that it remained entitled "To development, regulatory and commercial milestone payments as well as incremental tiered royalties in mid-single digit percentages, based on any future net sales."
The company said JZP815 was an investigational preclinical stage pan-RAF kinase inhibitor. A kinase inhibitor refers to a substance which blocks a type of enzyme known as kinase, and are helpful in keeping cancer cells from growing.
Shares at 0822 GMT were up 4.70 pence, or 7.7%, at 65.50 pence.
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(END) Dow Jones Newswires
June 15, 2022 04:37 ET (08:37 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.