DGAP-Adhoc

PAION GRANTS EXCLUSIVE LICENSE TO CRISTÁLIA FOR DEVELOPMENT AND COMMERCIALIZATION OF REMIMAZOLAM IN LATIN AMERICA

DGAP-Ad-hoc: PAION AG / Key word(s): Contract PAION GRANTS EXCLUSIVE LICENSE TO CRISTÁLIA FOR DEVELOPMENT AND COMMERCIALIZATION OF REMIMAZOLAM IN LATIN AMERICA 27-Apr-2022 / 16:33 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. PAION GRANTS EXCLUSIVE LICENSE TO CRISTÁLIA FOR DEVELOPMENT AND COMMERCIALIZATION OF REMIMAZOLAM IN LATIN AMERICA

- EUR 3.5 million upfront payment to PAION

- 20% royalties on net sales

Aachen (Germany), 27 April 2022 - PAION AG, a specialty pharma company (ISIN DE000A0B65S3; Frankfurt Stock Exchange Prime Standard: PA8), and Cristália Produtos Quimicos Farmaceuticos Ltda, Brazil ("Cristália") today announce that the companies have signed a license agreement for remimazolam, with PAION granting Cristália an exclusive license for the development and commercialization of remimazolam in Latin America.

PAION will receive a EUR 3.5 million upfront payment and is also entitled to receive a milestone payment of EUR 1 million for an NDA (New Drug Application) submission in the territory (Latin America) and an annual payment of EUR 0.5 million for each year of market exclusivity from the launch of the product. Cristália will pay PAION 20% royalties on net sales. Cristália plan to manufacture drug product in their own manufacturing plant to supply the licensed territory.

Cristália intends to market remimazolam in procedural sedation and general anesthesia and expects market approval in both indications in Brazil in 2024.

End of inside information

 

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Information and Explanation of the Issuer to this News:

Dr Jim Phillips, CEO of PAION AG, commented: 'Cristália is an ideal partner for commercializing remimazolam in Latin America as they are well established in the local pharmaceutical markets and are the main producer of anesthetics in the region. They share PAION's goal of providing safe, effective and efficient hospital products to benefit patients, doctors and other stakeholders in healthcare. We are very much looking forward to Cristália bringing remimazolam to the market in this important region.'