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2001 OCT 18 - (NewsRx.com & NewsRx.net) -- The U.S. Food and Drug Administration (FDA) has accepted for filing Novavax Inc.'s New Drug Application (NDA), submitted on June 29, 2001, for ESTRASORB (17-beta-estradiol) lotion. The acceptance indicates that the FDA has found Novavax's NDA to be sufficiently complete to permit a substantive review.
Under the terms of Novavax's agreement with King Pharmaceuticals Inc. (KG), the company's U.S. copromotion partner for ESTRASORB, Novavax has received a $2.5 million milestone payment from King, due upon the FDA's formal acceptance of the ESTRASORB NDA filing. This milestone is in addition to the $2.5 million received when the NDA was submitted. The company also expects to receive an additional $5 million from King shortly. This represents the remaining portion of the $25 million convertible debenture investment committed in December 2000. The conversion price of the note is $10 per share, which was an 18% premium to the trailing 20-day average stock price prior to the closing in December 2000. Furthermore, King plans to close on an additional $5 million convertible ...
Source: HighBeam Research, FDA Accepts NDA For Topical Estrogen Replacement Therapy.(Brief...