Kiora Pharmaceuticals, Inc. (NASDAQ:KPRX) shares are trading higher Thursday after the company announced a private placement of up to $45 million and an exclusive license and development agreement with Théa Open Innovation SAS (TOI).
The Details:
According to an SEC filing, TOI will pay Kiora an up-front payment of $16 million, and Kiora is eligible to receive milestone payments totaling up to approximately $285 million, upon and subject to the achievement of certain specified clinical development, regulatory and commercial milestones.
In addition, Kiora is eligible to receive tiered royalties of between a high single digit to low twenty percent range based on a specified percentage of net sales.
Kiora Pharmaceuticals also entered into a securities purchase agreement with certain institutional investors, ...