Furiex Pharmaceuticals (NASDAQ:FURX) is in line to receive a $5 million milestone payment from a drug partner for its launch in France of premature ejaculation drug Priligy.
Last May, Morrisville-based Furiex licensed Priligy to the Menarini Group to commercialize Priligy in Europe, most of Asia, Africa, Latin America and the Middle East. Furiex kept Priligy’s full development and commercialization rights for the United States, Japan and Canada.
Italy-based Menarini deal paid Furiex $15 million up front. Furiex is eligible for another $5 million in launch milestones and up to $40 million if Priligy hits sales-based milestones. Furiex will also receive tiered royalties from sales of the drug.
“This launch will make Priligy, the only approved medication for premature ejaculation, available to a wider market in the EU,” June Almenoff, president and chief medical officer of Furiex, said in a statement. “We look forward to additional worldwide Priligy launches as Menari continues to build this franchise.”
Premature ejaculation is the most common form of sexual dysfunction in men and affects an estimated 30 percent of the male adult population at some point during their lives. Priligy is the first oral medication approved for “on-demand” treatment of PE — the drug is taken when needed, not every day. Priligy is marketed for PE in 16 countries in Europe, Asia and Latin America, and is approved for that indication in 56 countries worldwide.