• Milestone Payments Triggered following EC Approval

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Milestone Payments Triggered following EC Approval

Jun 15 2021

UK pharmaceutical company Diurnal Group specialising in chronic endocrine (hormonal) diseases, has announced a payment of $1.0 million of a possible $1.25 from its China partner Citrine Medicine, following the recent European Commission’s (EC) approval for Efmody® (hydrocortisone modified-release hard capsules) and the attainment by Citrine of certain development milestones in China for Alkindi® (hydrocortisone granules in capsules for opening). This followed the company’s extension of its exclusive license agreement with Citrine covering Efmody® development in May 2021 to cover Efmody® and subsequently triggered the receiving the upfront payment.

Citrine, a therapeutics platform company focused on the Greater China market, has licensed the registration and commercialisation rights for the two products in China, Hong Kong, Taiwan and Macau and continues to plan for a New Drug Application (NDA) submission to the National Medical Products Administration in 2021 for Alkindi®.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (MAR).

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