JT Pharmaceuticals Asset Purchase Agreement
|3 Months Ended|
Mar. 31, 2021
|JT Pharmaceuticals Asset Purchase Agreement|
|JT Pharmaceuticals Asset Purchase Agreement||
5. JT Pharmaceuticals Asset Purchase Agreement
In October 2020, in connection with our decision to discontinue our commercial operations, we entered into an Asset Purchase Agreement (the “JT Agreement”) with JT Pharmaceuticals, Inc. (“JT Pharma”) to acquire JT Pharma’s kappa opioid agonist peptide, TP-2021 (formerly JT-09) for use in combination with our ProNeura long-term, continuous drug delivery technology, for the treatment of chronic pruritus and other medical conditions. Under the terms of the JT Agreement, JT Pharma received a $15,000 closing payment and is entitled to receive future milestone payments, payable in cash or in stock, based on the achievement of regulatory milestones, and single-digit percentage earn-out payments on net sales of the product if successfully developed and approved for commercialization. To date, none of these events have occurred and no contingent consideration, milestone or earn-out payments have been recognized.