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Minerva Neurosciences announces European Commission approval of amendment of MIN-202 agreement with Janssen


Friday, 25 Aug 2017 08:30am EDT 

Aug 25 (Reuters) - Minerva Neurosciences Inc :Minerva Neurosciences announces European Commission approval of amendment of MIN-202 agreement with Janssen.Minerva Neurosciences Inc - ‍combined proceeds are expected to support anticipated data readouts from five planned clinical trials with three product candidates​.Minerva Neurosciences Inc - ‍payments to Minerva by Janssen under new agreement include an upfront payment of $30 million​.Minerva Neurosciences Inc - ‍Minerva has assumed all financial responsibility for phase 3 development costs for MIN-202 in insomnia​.Minerva Neurosciences Inc - ‍Janssen waived remaining payments due from Minerva for phase 2 development of MIN-202, which total approximately $13 million​.Minerva Neurosciences - ‍all Minerva stock previously owned by JJDC will be repurchased by Minerva at par value of $.0001/ share or about $389 in total​.Minerva Neurosciences Inc - ‍under amended agreement, Minerva gains control of development of MIN-202 to treat insomnia​.Minerva Neurosciences Inc - ‍under amended agreement Janssen foregoes its right to royalties on MIN-202 insomnia sales in Minerva territories​.Minerva Neurosciences Inc - ‍ Minerva retains its rights to MIN-202 as adjunctive therapy for major depressive disorder​.