Lipocine rises on licensing deal for testosterone therapy in US, Canada

Lipocine

18/01/2024 14:18

** Shares of drug developer Lipocine  LPCN.O  rise 6.5% to
$4.1 premarket 
    ** Co enters into license agreement with Verity Pharma to
market its testosterone replacement therapy, Tlando, in the
United States and Canada 
    ** Under terms of the deal, co to receive a license fee of
$11 million 
     ** Co to also receive up to $259 mln in development and
commercial sales milestones
    ** Under the agreement, Verity Pharma will be responsible
for regulatory and marketing obligations in the U.S. and Canada,
and all further development of the therapy 
    ** LPCN will retain all rights to the Tlando franchise for
territories outside the U.S. and Canada
    ** Tlando was approved by the U.S. FDA in 2022 as an oral
testosterone replacement therapy in adult males for conditions
associated with a deficiency or absence of endogenous
testosterone 
    ** Stock fell 58.1% in the last 12 months  

 (Reporting by Sneha  S K)
 ((Sneha.SK@thomsonreuters.com;))