Watertown’s pSivida Corp. said Monday that it has received a $25 million milestone payment under its out-license of the drug Iluvien.
The milestone was earned on the approval of Iluvien by the Food and Drug Administration for the treatment of diabetic macular edema, or DME, pSivida said in its press release.
“This milestone payment together with our cash on hand should fund our planned product development and other operations into calendar 2017,” pSivida president and chief executive Paul Ashton said in a statement. “In addition, we will receive 20 percent of any net profits from sales of Iluvien for DME on a country-by-country basis.”
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The company is focused on the development of sustained release, drug delivery products for treating eye diseases.