Kitov announces amended marketing, distribution agreement with Coeptis
Kitov Pharma announced the amendment of the marketing and distribution agreement with Coeptis Pharmaceuticals and provided an update on the upcoming launch of Consensi in the U.S: Marketing and distribution agreement with Coeptis Pharmaceuticals for commercialization of Consensi in the U.S has been amended. Kitov will receive up to $99.5M in milestone and reimbursement payments plus 20% in royalties, with a minimum aggregate of $7M in the next 3 years. Coeptis has engaged a distribution partner with an established sales network and access to thousands of pharmacies to drive the launch of the drug. In addition, a marketing plan and pricing strategy have been finalized. Manufacturing of the initial commercial batches is now in its latest phases and will soon be ready for packaging and shipping to the U.S. Under the terms of the amended agreement Kitov will receive 20% in royalties on net sales of Consens with minimum royalties of $4.5M over the next 3 years. In addition, Kitov is entitled to receive up to $99.5M in milestone and reimbursement payments, of which $1M was previously received, $1.5M is expected before the end of the year in connection with the manufacturing of the initial commercial batches, an additional $1M is due following the first commercial sale of Consensi in the U.S. and $96M which is subject to certain pre-defined commercial milestones.