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electroCore Announces Exclusive License Agreement with Teijin for Japan Territory
ROCKAWAY, N.J., April 05, 2022 (GLOBE NEWSWIRE) -- electroCore, Inc. (the “Company”), (NASDAQ: ECOR), a commercial-stage bioelectronic medicine company, today
About this update from Electrocore, Inc.
[{"type":"text","content":"ROCKAWAY, N.J., April 05, 2022 (GLOBE NEWSWIRE) -- electroCore, Inc. (the “Company”), (NASDAQ: ECOR), a commercial-stage bioelectronic medicine company, today announced it has entered into an agreement with Teijin Limited (Teijin), a global conglomerate based in Japan offering advanced solutions in the fields including healthcare, material and information technology, to license certain exclusive rights to its non-invasive vagus nerve stimulation (nVNS) technology for commercialization in Japan for a range of primary headache disorders. Under the agreement, the Company will receive a non-refundable, upfront payment for the licenses and rights granted to Teijin. The financial terms contain milestone payments, payable upon the decision by Teijin to commercialize the licensed product for specific indications. The Company also will receive an annual license fee commencing on the first anniversary of the agreement and payable annually until the first commercial sale on any approved indication. Upon favorable regulatory and payor coverage decisions in Japan, the parties will enter into an exclusive commercial supply agreement for gammaCore nVNS. “We are delighted to enter into this exclusive license agreement with Teijin, a multinational life sciences company,” mentioned Joshua Lev, Chief Strategy Officer of the Company. “Teijin is an ideal partner to drive commercialization of nVNS in Japan, and this agreement provides another global milestone for our nVNS platform technology, supporting a combined goal of improving the health and lives of primary headache sufferers across the globe.” The agreement contains customary terms and conditions, including renewal and termination provisions, as well as minimum purchase commitments once a commercial supply agreement is in place. Furthermore, Teijin is responsible for all costs associated with regulatory approval by the Pharmaceuticals and Medical Devices Agency (PMDA), the Japanese FDA equivalent. As part of the agreement, Teijin will have the right of first negotiation for a license to additional indications in Japan. About the Teijin GroupTeijin (TSE: 3401) is a technology-driven global group offering advanced solutions in the areas of environmental value; safety, security and disaster mitigation; and demographic change and increased health consciousness. Its main fields of operation are hig...