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 sixty (60) days of the first occurrence of the following milestones (or their equivalents): Successful completion of Phase I clinical trial for a Product $ 150,000 Successful completion of a Phase II clinical trial for a product and receipt of FDA or equivalent regulatory agency in another jurisdiction and approval for a Phase III clinical trial $ 250,000 Receipt of FDA approval of a New Drug Application (“NDA”) or Biologics License Applications (“BLA”) or equivalent foreign regulatory approval in a non-United States major commercial market $ 1,500,000 Cumulative Net Sales have exceeded $50,000,000 $ 2,500,000

Product Development Milestones. Licensee agrees to pay and shall pay to CSMC the following non-creditable, non-refundable product development milestone payments within sixty (60) days of the first occurrence of the following milestones (or their equivalents): Successful completion of Phase I clinical trial for a Product $ 150,000 Successful completion of a Phase II clinical trial for a product and receipt of FDA or equivalent regulatory agency in another jurisdiction and approval for a Phase III clinical trial $ 250,000 300,000 Receipt of FDA approval of a New Drug Application (“NDA”) or Biologics License Applications (“BLA”) or equivalent foreign regulatory approval in a non-United States major commercial market $ 1,500,000 Cumulative Net Sales have exceeded $50,000,000 $ 2,500,000

Product Development Milestones. Licensee agrees to pay and shall pay to CSMC the following non-creditable, non-refundable product development milestone payments within sixty (60) days of the first occurrence of the following milestones (or their equivalents): Successful completion of Phase I clinical trial for a Product $ 150,000 Successful completion of a Phase II clinical trial for a product and receipt of FDA or equivalent regulatory agency in another jurisdiction and approval for a Phase III clinical trial $ 250,000 500,000 Receipt of FDA approval of a New Drug Application (“NDA”) or Biologics License Applications (“BLA”) or equivalent foreign regulatory approval in a non-United States major commercial market $ 1,500,000 Cumulative Net Sales have exceeded $50,000,000 $ 2,500,000 Cumulative Net Sales have exceeded $100,000,000 $ 2,500,000