The clinical-stage medical equipment and biopharmaceutical firm, AIT Therapeutics has announced that’s its commercialization alliance partner Circassia Pharmaceuticals has given the company a hefty sum of $3.15 million for the successful conclusion of the pre-submission meeting with the U.S. Food and Drug Administration (FDA).
AIT has been dedicatedly working towards creating inhaled nitric oxide (NO) to treat patients suffering from any type of respiratory problems, such as serious pulmonary hypertension, and lung infections.
Their pre-submission meeting successful met the conditions of the recently imposed commercial licensing deal. Circassia Pharmaceuticals has given the commercial rights’ license for the innovative cylinder-free NO generator and phasic-flow delivery system of AIT in China and the US for adoption in setting at < 80 ppm NO concentrations.
Besides this hefty payment from the commercial partner, AIT has also received $7.35 million upfront payment at the time of signing the licensing deal recently, on January 24, 2019, which takes the total payments received amount to $10.5 million.
AIT Chairman and Chief Executive Officer, Steve Lisi said that the entire team at the clinical-stage medical device and biopharmaceutical firm is quite excited about the recently signed commercial licensing pact with the commercialization partner Circassia.
Lisi added that receipt of such a huge payment is another example of the company’s ability to execute, mentioning that they are on their track to make their PMA submission to the FDA in the second quarter of this year. The company hopes to have a US launch in the first six months of the next year.
A large part of the world continues to suffer from respiratory conditions, such as lung infections. It’s always too late to get a diagnosis done, and governments worldwide have been spreading the same word by taking initiatives to create lung cancer related awareness. An individual facing any kind of respiratory condition must get lung cancer diagnostics done well in time to stay least vulnerable to suffering from lung cancer. November is considered as lung cancer awareness month in the United Kingdom.