VistaGen Therapeutics announced receipt of a $5 million non-dilutive upfront license payment from EverInsight Therapeutics, the Company's strategic partner focusing on development and commercialization of PH94B for treatment of anxiety-related disorders in multiple key markets in Asia.
Previously, VistaGen and EverInsight announced that EverInsight is responsible for clinical development, regulatory submissions and commercialization of PH94B, VistaGen's investigational rapid-onset neuroactive nasal spray, initially for acute treatment of anxiety in adults with social anxiety disorder, in Greater China (Mainland China, Hong Kong, Macau and Taiwan), South Korea and Southeast Asia (Indonesia, Malaysia, Philippines, Thailand and Vietnam). VistaGen is eligible to receive potential milestone payments, in addition to tiered royalties on commercial sales, upon achievement of certain development and commercialization milestones.