Common use of Product Development Milestones Clause in Contracts

Product Development Milestones. Licensee agrees to pay and shall pay to CSMC the following non-creditable, non-refundable product development milestone payments within ninety (90) days of the first occurrence of the following milestones (or their equivalents): Successful completion of phase 2 of clinical trial $250,000 Successful completion of phase 3 of clinical trial $350,000 New drug application (NDA) approval by FDA in the United States or an equivalent agency in a major market outside of the United States $350,000 First commercial sale of a Product $1,000,000 Licensee's achievement of aggregated Net Sales of $75,000,000 $1,500,000

Product Development Milestones. Licensee agrees to pay and shall pay to CSMC the following non-creditable, non-refundable product development milestone payments within ninety sixty (9060) days of the first occurrence of the following milestones a Milestone (or their equivalentsits equivalent): Successful completion of phase 2 of Phase I clinical trial $250,000 for a Product $ 150,000 Successful completion of phase 3 of a Phase II clinical trial $350,000 for a product and receipt of FDA approval for a Phase III clinical trial $ 500,000 Receipt of FDA approval of a New drug application Ding Application (“NDA”) or equivalent foreign regulatory approval by FDA in the a non-United States or an equivalent agency in a major commercial market outside of the United States $350,000 First commercial sale of a Product $1,000,000 Licensee's achievement of aggregated $ 1,500,000 Cumulative Net Sales of have exceeded $75,000,000 $1,500,0005,000,000 $ 250,000

Product Development Milestones. Licensee agrees to pay and shall pay to CSMC (on behalf of Licensors) the following non-creditable, non-refundable product development milestone payments within ninety sixty (9060) days of the first occurrence of the following milestones a Milestone (or their equivalentsits equivalent): Successful completion of phase 2 of Phase I clinical trial $250,000 for a Product $ 150,000 Successful completion of phase 3 of a Phase 11 clinical trial $350,000 for a product and receipt of FDA approval for a Phase III clinical trial $ 250,000 Receipt of FDA approval of a New drug application Drug Application (“NDA”) or equivalent foreign regulatory approval by FDA in the a non-United States or an equivalent agency in a major commercial market outside of the United States $350,000 First commercial sale of a Product $1,000,000 Licensee's achievement of aggregated $ 1,500,000 Cumulative Net Sales of have exceeded $75,000,000 $1,500,0005,000,000 $ 250,000

Product Development Milestones. Licensee agrees to pay and shall pay to CSMC the following non-creditable, non-refundable product development milestone payments within ninety sixty (9060) days of the first occurrence of the following milestones a Milestone (or their equivalentsits equivalent): Successful completion of phase 2 of Phase I clinical trial $250,000 for a Product $ 150,000 Successful completion of phase 3 of a Phase II clinical trial $350,000 for a product and receipt of FDA approval for a Phase III clinical trial $ 250,000 Receipt of FDA approval of a New drug application Drug Application (“NDA”) or equivalent foreign regulatory approval by FDA in the a non-United States or an equivalent agency in a major commercial market outside of the United States $350,000 First commercial sale of a Product $1,000,000 Licensee's achievement of aggregated $ 1,500,000 Cumulative Net Sales of have exceeded $75,000,000 $1,500,0005,000,000 $ 250,000