Protox gets $3M upfront in $75M deal with Kissei

Canada's Protox Therapeutics has landed a $75 million development and commercialization agreement with Japan-based Kissei Pharmaceutical. The $75 million deal covers PRX302, Protox's PSA-activated pro-drug for prostate cancer and other prostate diseases. Kissei gets rights to the drug in Japan, while Protox retains control of PRX302 in all other countries.

Despite having Phase II data in hand, Protox gets just $3 million up front and an additional near-term milestone payment of $5 million. The developer is eligible for up to $67 million in other payments if PRX302 hits certain development, regulatory and commercial milestones. Kissei will shoulder all R&D and commercialization costs of the drug in Japan. In a statement, Kissei says the deal bolsters the company's presence in the urological field in Japan, and that PRX302 complements its existing BPH medication.

"We are delighted to execute this license agreement and we are convinced that in Kissei we have found a partner who is fully committed to bring PRX302 to the Japanese market in a timely manner," said Protox CEO Fahar Merchant. "For Protox, this significant milestone provides a non-dilutive infusion of cash while preserving our flexibility for developing and marketing PRX302 in the rest of the world."

- here's Protox's release on the deal

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