CDTX - Cidara spikes on $11M milestone payment from partner Mundipharma

• The shares of clinical-stage biotech Cidara Therapeutics ( NASDAQ: CDTX ) gained over 8% pre-market Tuesday after the company announced that British drugmaker Mundipharma paid $11.1M as a milestone payment under a 2019 licensing deal.
• The payment follows the acceptance of the marketing authorization application (MAA) for rezafungin by the European Medicines Agency (EMA) as a treatment for fungal diseases candidemia and invasive candidiasis.
• While CDTX has rights for rezafungin in Japan, the company has sold the U.S. commercial rights for the drug to Melinta Therapeutics and rights for all other territories to Mundipharma.
• Chief Executive Jeffrey Stein said that his company remains on track to receive up to ~$108M in milestone payments as additional non-dilutive capital from partners subject to the accomplishment of events scheduled for the next two years.

• Read more about the CDTX’s licensing deal for rezafungin with Melinta in the U.S.

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