Avecho receives US$3M upfront payment from Sandoz AG
Avecho has today announced that it has received the US$3M (~A$4.79M) licensing fee from Sandoz AG for the commercial rights to Avecho’s CBD capsule for insomnia in Australia.
Under the terms of the agreement, Sandoz has been granted exclusive commercial rights for Avecho’s Phase III CBD capsule for insomnia in Australia for a period of ten years. Avecho will retain the rights to commercialise the product in all other territories, with Sandoz holding a first right of refusal for these markets.
This upfront fee provides the necessary funding to advance Avecho’s Phase III clinical study through to the interim analysis.
Avecho CEO, Dr Paul Gavin, said:
“The upfront licensing fee from Sandoz strengthens our financial position, providing the necessary support to accelerate ongoing research and commercial activities. With ample capital to complete our pivotal Phase III trial through to the interim analysis, our primary focus is to advance the study to this key inflection point as swiftly as possible “.