...We Welcome You To The Resverlogix HUB withIn The AGORACOM COMMUNITY!
Message: Q1- March 31, 2022 on SEDAR
March 31, 2022 MD&A:
Commercialization Partnership with EVERSANA
"In June 2021, we entered into a partnership with EVERSANA Life Science Services, LLC (“EVERSANA”). EVERSANA is supporting the planned commercialization of apabetalone for the treatment of COVID-19 in the United States and Canada as Emergency Use Authorization and/or a New Drug Application or equivalent if issued or approved in these two countries. EVERSANA is providing fully integrated commercialization services including market access, agency services, clinical and commercial field teams, medical science liaisons, channel management, patient services, health economics and outcomes research, and compliance. For providing its services, EVERSANA shall be entitled to receive fees (of which 25% (possibly increasing to up to 50% in the future, at EVERSANA’s discretion) shall be initially deferred and are due when we generate subsequent COVID-19-related sales of apabetalone) and profit sharing in the amount of 3.0 - 4.5% of apabetalone sales associated with COVID-19 in the United States and Canada during the five-year term of the partnership (commencing upon commercial launch). The partnership may be expanded to include additional global markets, should additional approvals be issued. During the three months ended March 31, 2022, EVERSANA completed pre-commercialization activities in the amount of $3.2 million with 25% of the fees earned ($0.8 million) being deferred. As at March 31, 2022, Trade and other payables included $8.1 million owing to Eversana. A discount of $0.2 million on the pre-commercialization fees incurred in the three months ended March 31, 2022 has been recognized as an offset to the long-term deferred fees liability and to precommercialization expenses to reflect the financing component of the deferred fees; the discount will be accreted over the term that is projected until settlement. $0.6 million of deferred fees (net of the $0.2 million discount) is included as Other long-term liability on the statement of financial position (a total of $1.9 million of fees, net of discounts, are deferred as at March 31, 2022). Subsequent to March 31, 2022, Resverlogix and EVERSANA expanded their partnership to include not only COVID-19 but also cardiovascular and pulmonary arterial hypertension indications (the “Amendment”). In connection with the Amendment, if Resverlogix and EVERSANA have not launched a product by July 1, 2022, Resverlogix will make monthly payments to EVERSANA, commencing in July 2022, equal to 50% of the deferred fees for the corresponding month twelve months prior." (bolding added)
Trade and other payables in the March 31, 2022 financials:
Current liabilities:
Trade and other payables $ 11,617,000
There's the rub ... Koo
7 Recommendations
Loading...
Loading...
New Message
Please
login
to post a reply