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SR Pharma to Receive Milestone Payments of up to US$95 Million from Pfizer

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SR Pharma plc has announced that its operating subsidiary Atugen AG will receive milestone payments of up to US$95 million as well as royalties as a result of a sublicensing deal announced between its collaborator Quark Biotech Inc.Atugen AG and Pfizer Inc

SR Pharma will receive an initial payment of $2 million and a first milestone payment of $1.5 million on the start of the Phase I trial.

All agreements are subject to certain conditions which include the clearance by the U.S. Federal Trade Commission.

The payments relate to an RNAi therapeutic product (RTP-801i) developed under an agreement between Quark and Atugen for the treatment of Age-related Macular Degeneration (AMD) and other diseases.

Quark Biotech and Atugen have collaborated on this AtuRNAi therapeutic siRNA product for AMD since 2004 and are currently collaborating on additional therapeutic AtuRNAi siRNA products in other indications.

Iain Ross, Chairman of SR Pharma, said, "This deal, which will result in milestone payments directly to Atugen of up to US$95 million and additional potential upside of royalties, is a significant validation of Atugen’s proprietary siRNA technology (AtuRNAi)."

Thomas Christély, Chief Executive Officer of Atugen stated, "This is a break-through for SR Pharma’s siRNA therapeutics programs as this represents our first siRNA molecule out-licensed to a large pharma company."