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Histogenics Corporation (HSGX), Receipt of $10 Million Up-front Payment for Japanese Neocart Agreement

January 9, 2018 8:51am

HSGX had closed up + $0.02 to $2.24, the pre-market indication is +$0.08 or +3.57% - BUY

HSGX has received the $10 million up-front payment from MEDINET Co., Ltd. (MEDINET), under the previously announced agreement for the development and commercialization of NeoCart® for the Japanese market.

Per the terms of the agreement, the up-front payment was due within ten days of entering into the agreement. Histogenics and MEDINET announced entering into the agreement in December 2017, which included up to $87 million in total milestones and tiered royalties on sales, and a goal of commercializing NeoCart in Japan in 2021, if approved.

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