Vivus has received a $140 million milestone payment from KV Pharmaceutical as a result of the July 27th FDA approval of Evamist, which KV licensed from Vivus. Vivus could gain two additional milestone payments based on sales milestones for Evamist through the term of the agreement with KV.
"With the receipt of the $140 million milestone payment from KV, I believe Vivus is in the strongest financial position in our history. We estimate that we can fully fund the phase 3 trials of Qnexa for obesity and maintain a strong cash position at the end of those phase 3 trials," stated Leland Wilson, president and chief executive officer of Vivus. "In addition, with our current financial resources, we anticipate that we may be able to expand our development pipeline with minimal financing risk in the future.
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