| FINANCIAL COMMITMENTS |
23. FINANCIAL COMMITMENTS
The Group’s main financial
commitments relate to the contractual payments in respect of its licensing agreements. Due to the uncertain nature of scientific research
and development and the length of time required to reach commercialisation of the products of this research and development, pre-clinical,
clinical and commercial milestone obligations are not detailed until there is a reasonable certainty that the obligation will become payable.
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Milciclib project research future payments relate to the achievement of clinical milestones or the payment of royalties. |
We are obligated to pay Nerviano
the following additional amounts in respect of the first licensed product or service which achieves the stated development milestones:
| | (a) | $1,000,000 upon initiation of the first Phase II clinical trial, this is currently being negotiated with BMS. |
| | (b) | $4,000,000 upon FPD of the first Phase 3 registration trial in HCC. |
| | (c) | $3,600,000 upon first patient enrollment into a Phase II human clinical trial |
| | (d) | Upon the first NDA equivalent in: thymic carcinoma, $900,000; HCC, $9,000,000; breast cancer, $15,000,000. |
| | ● | Foralumab project – Future payments relate to the achievement of clinical milestones or the payment of royalties. Diligence obligations are payable to BMS/Medarex should the project continue to commercialisation. $750,000 has been recorded as other income in respect of diligence obligations due to Medarex for 2021. |
We are obligated to pay BMS
the following additional amounts in respect of the first licensed product or service which achieves the stated development milestones:
| | (a) | $300,000 upon enrollment of first patient in a Phase I human clinical trial of the first Phase II Clinical trial, this is currently being negotiated with BMS. |
| | (b) | $1,500,000 upon initiation of the first Phase III clinical trial |
| | (c) | $2,000,000 upon filing of the first BLA, or equivalent |
| | (d) | $2,000,000 upon approval of the first BLA, or equivalent |
We are obligated to pay Brighams
Womens Hospital the following hospital milestone payments:
| | (a) | $300,000 upon first patient enrollment into a Phase I human clinical trial |
| | (b) | $300,000 upon first patient enrollment into a Phase II human clinical trial |
| | (c) | $1,500,000 upon first patient enrollment into a Phase III human clinical trial |
| | (d) | $3,000,000 upon first commercial sale of a product |
| | ● | ACT D - Tiziana will need to make milestone payments of up to $630k depending on the issuance of a US patent from any US patent application in Transferred IP relating to nanoparticle formulations of Act D and upon the successful completion of a Phase II clinical efficacy trial. |
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