Examples of Licensed Research Product in a sentence
Assuming anticipated and adequate progress is made in the Sponsored Research [†], Omeros anticipates the identification of an initial potential candidate for a Licensed Product or Licensed Research Product that is a potential clinical development candidate within two years of the commencement of the Sponsored Research.
Within three months of the identification by Omeros of a Licensed Product or Licensed Research Product that is determined by Omeros to be a viable and optimal clinical development candidate, Omeros will submit a development plan to Leicester that sets forth Omeros’ planned activities and estimated timing for the development, regulatory approval and market introduction of one or more Licensed Products and/or Licensed Research products.
However, the foregoing royalty credit shall only be available when the total royalty obligation owed by BMS (or its Affiliates or licensees or sublicensees) to unaffiliated Third Parties exceeds [* *] of Net Sales of such Licensed Research Product and shall only be available in the calendar quarter for which the royalties are paid to the Third Party.
Notwithstanding anything else to the contrary in this Section 4.5, in no event shall any royalty due on a Licensed Research Product fall below [* *] of Net Sales of such Licensed Research Product.