Circassia to Receive $10.5 Million After US Approval of Beyond Air's LungFit Product; Shares Rise
29 Junio 2022 - 05:59AM
Noticias Dow Jones
By Kyle Morris
Shares in Circassia Group PLC rose Wednesday after it said that
it is entitled to receive payments of $10.5 million following
Beyond Air Inc.'s confirmation that it had received approval from
the Food and Drug Administration for its LungFit PH device for the
treatment of hypoxic respiratory failure in newborn children.
Shares at 1027 GMT were up 3.00 pence, or 9.1%, at 35.90
pence.
The U.K. medical-device company said, thanks to an agreement
with Beyond Air, it is entitled to receive $2.5 million within 60
days of approval, $3.5 million within 60 days of the first
anniversary of approval, and $4.5 million within 60 days of the
second anniversary of approval. Furthermore, Circassia is entitled
to a royalty of 5% of net sales of the device, starting on the
second anniversary of approval, up to a maximum of $6 million, it
said.
Write to Kyle Morris at kyle.morris@dowjones.com
(END) Dow Jones Newswires
June 29, 2022 06:44 ET (10:44 GMT)
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