Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.21.1
Commitments and Contingencies (Tables)
 9 Months Ended
Mar. 31, 2021
Commitments and Contingencies [Abstract]  
Schedule of Milestone payments

The Company shall make the following one-time, non-refundable, milestone payments to Planet within 30 days of achieving each of the development milestones listed in the “Milestone Event column below. No further payment is required for any product that achieves a milestone event that was previously paid and no milestone payments will be due and payable in connection with any registration application.

 

 

 

 

 

MILESTONE EVENT

 

PAYMENT *

Investigation New Drug Application Filed pursuant to 21 C.F.R. Part 312

 

 

150,000

Fifth patient enrolled in a Phase I Trial of a Product

 

 

200,000

Fifth patient enrolled in a Phase II Trial of a Product

 

 

300,000

Fifth patient enrolled in a Phase III Trial of a Product

 

 

500,000

Approval of Biologics License Application

 

 

1,000,000

First Anniversary of Biologics License Application approval

 

 

1,000,000

Second Anniversary of Biologics License Application approval

 

 

1,000,000

Third Anniversary of Biologics License Application approval

 

 

1,000,000

Fourth Anniversary of Biologics License Application approval

 

 

1,000,000

* PAYMENT may be made in either the dollar amount specified per MILESTONE EVENT or ITS EQUIVALENT IN CAPITAL STOCK AT LICENSEE’S SOLE DISCRETION.