Business
QBREXZA® (Rapifort® Wipes 2.5%) Receives Manufacturing and Marketing Approval in Japan Triggering $2.5 Million Milestone Payment to Journey Medical Corporation
SCOTTSDALE, Ariz., Feb. 11, 2022 (GLOBE NEWSWIRE) -- Journey Medical Corporation (NASDAQ: DERM) (“Journey Medical”), a commercial-stage pharmaceutical company
About this update from Journey Medical Corporation
[{"type":"text","content":"SCOTTSDALE, Ariz., Feb. 11, 2022 (GLOBE NEWSWIRE) -- Journey Medical Corporation (NASDAQ: DERM) (“Journey Medical”), a commercial-stage pharmaceutical company that focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions, today announced that it received notice from its exclusive licensing partner in Japan, Maruho Co., Ltd. (“Maruho”), that Japan's Ministry of Health, Labor and Welfare (“MHLW”) approved Rapifort® Wipes 2.5% (glycopyrronium tosylate hydrate) for the treatment of primary axillary hyperhidrosis. This approval triggers a milestone payment of $10 million to Journey Medical, $7.5 million of which will be paid to Dermira, Inc. (“Dermira”), a wholly-owned subsidiary of Eli Lilly and Company, pursuant to the terms of the Asset Purchase Agreement between Journey and Dermira, with net proceeds of $2.5 million to Journey. Pursuant to the terms of the agreement with Maruho, the milestone payment is due from Maruho within 30 days. Journey Medical acquired global rights to QBREXZA® from Dermira in 2021. Claude Maraoui, President and Chief Executive Officer of Journey Medical, stated, “The manufacturing and marketing approval of Rapifort Wipes 2.5% in Japan activates a milestone payment to Journey Medical which adds a revenue stream beyond U.S. product sales for the company. We are very pleased that Rapifort Wipes 2.5% will be commercialized in Japan, providing more people access to this beneficial prescription cloth towelette for the treatment of primary axillary hyperhidrosis.” QBREXZA is a topical product approved by the U.S. Food and Drug Administration for treatment of primary axillary hyperhidrosis in adult and pediatric populations (ages nine-years and older) and is self-administered by patients. Additionally, QBREXZA is noted as a first-line therapy for primary axillary hyperhidrosis by the International Hyperhidrosis Society. Hyperhidrosis is a condition of sweating beyond what is physiologically required for normal thermal regulation and affects an estimated 4.8% of the U.S. population, or approximately 15 million people.1 Of these, 65 percent, or nearly 10 million people, suffer from sweating localized to the underarms (axillary disease). Studies have demonstrated that excessive sweating often impedes normal daily activities and can also result in occu...