Celsion grants ThermoDox option to Zhejiang Hisun
Celsion Corp. (NASDAQ:CLSN) granted Zhejiang Hisun Pharmaceutical Co. Ltd. (Shanghai:600267) rights to develop liver cancer compound ThermoDox in China and its territories, including Hong Kong and Macau. Celsion will receive $5 million up front and will provide support for manufacturing. Celsion will also receive a $5 million payment in exchange for granting Hisun an exclusive option to expand the deal to include commercialization of ThermoDox in the territories. Celsion will receive another $15 million payment if Hisun exercises the option, and Hisun will be responsible for all regulatory approvals in the territories. Celsion is eligible for an additional $30 million in upfront and regulatory milestones and $45 million in sales milestones, plus double-digit royalties for the territories. ...