Under the terms of the agreements, POINT will receive the initial
- an additional payment up to
$250 million uponU.S. FDA regulatory approval - royalties of 20% on all net sales once certain financial thresholds have been achieved
- profit from the manufacturing and supply of commercial drug product to
Lantheus - up to an additional
$1.3 billion in various net sales milestone payments
For PNT2003, these include:
- up to an additional
$30 million uponU.S. FDA regulatory approval - royalties of 15% on net sales
- profit from the manufacturing and supply of commercial drug product to
Lantheus - up to an additional
$275 million in various net sales milestone payments
Proceeds from this transaction will be used to accelerate the expansion of POINT’s next-generation radioligand platform. POINT will make a number of key investments in 2023, including the commercial scale up of its production facility, completion of the SPLASH trial, expansion of POINT’s R&D infrastructure, and acceleration of pipeline development. By the end of 2023, POINT expects to have two next-generation programs in the clinic including the pan-cancer PNT2004, which is currently in Phase 1, and the actinium-225 labeled PNT2001, expected to enter Phase 1 in late 2023, along with multiple new chemical entities advancing through discovery and preclinical validation. POINT expects that its cash, cash equivalents, and short-term investments, combined with the upfront payments, will fund its current operating plan into 2026.
Additional information regarding the POINT & Lantheus’ strategic collaboration and exclusive license agreements can also be found at POINT’s investor relations website, located at pointbiopharma.com/investors.
About
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. Forward-looking statements in this press release include, but are not limited to, statements regarding the potential attributes and benefits of POINT’s product candidates and the format and timing of POINT’s product development activities and clinical trials. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among others, our ability to obtain funding for our operations, our ability to maintain the license agreements underlying our product candidates, competition, the ability of POINT to grow and manage growth profitably and retain its key employees, the impact of COVID-19 on POINT’s business, the ability to maintain the listing of POINT’s common stock on the NASDAQ, changes in applicable laws or regulations, the possibility that POINT may be adversely affected by other economic, business, and/or competitive factors, and other risks and uncertainties, including those described in POINT's Annual Report on Form 10-K filed with the
Investor Relations Contact:
Associate Director, Corporate Strategy
investors@pointbiopharma.com
Source: POINT Biopharma
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