DGAP-News

​​​​​​​PAION AG PUBLISHES GROUP QUARTERLY STATEMENT FOR THE FIRST QUARTER OF 2022 - Seite 3

In China, PAION entered into a patent assignment agreement with Humanwell at the beginning of 2022. Under the agreement, PAION assigned all its Chinese remimazolam patents and related future royalties on sales in China under the license agreement with Yichang Humanwell to Humanwell for EUR 20.5 million. EUR 16 million were received in the first quarter of 2022, and the remaining EUR 4.5 million are due and expected in June 2022. Yichang Humanwell was released from any future royalty payments to PAION, and the license has been terminated.

In March 2022, PAION terminated the licensing agreement for Russia, Turkey and the Mena region with Russia's R-Pharm after R-Pharm failed to pay outstanding milestones.

In Canada, PAION and Pharmascience Inc. mutually agreed at the beginning of 2022 to terminate their license agreement, which had granted Pharmascience Inc. exclusive rights to develop and commercialize remimazolam in Canada. PAION retains full access to all market data generated by Pharmascience and plans to explore strategic options for the commercialization of remimazolam in Canada.

In February 2022, PAION entered into an exclusive cooperation agreement with Medis, d.o.o. for the supply, distribution, marketing and sale of remimazolam, angiotensin II and eravacycline in Eastern Europe (Estonia, Latvia, Lithuania, Czech Republic, Slovakia, Hungary, Croatia, Slovenia and Bulgaria).

In April 2022, PAION and Cristália signed an exclusive license agreement for the development and commercialization of remimazolam in Latin America. Cristália intends to commercialize remimazolam in procedural sedation and general anesthesia and expects to obtain marketing authorization for both indications in Brazil in 2024.

Financial key figures

Revenues of EUR 21.5 million were recognized in the first quarter of 2022. Of this, EUR 20.5 million related to the agreement with Humanwell, EUR 0.8 million related to the sale of remimazolam API (active pharmaceutical ingredient) to licensees as well as royalties, EUR 0.2 million related to milestone payments, and EUR 0.1 million related to own product sales. In the prior-year period, revenues amounted to EUR 3.2 million and resulted mainly from milestone payments (EUR 2.6 million) and the sale of remimazolam API to licensees as well as royalties (EUR 0.6 million).