Valencia-based MannKind Corp. said Tuesday that it received a $1 million milestone payment from Receptor Life Sciences, Inc. This payment, made Friday, is part of a collaboration and license agreement reached last January between MannKind and RLS.
Under the agreement, MannKind is performing initial formulation studies and is working with RLS to develop inhaled formulations of compounds to see if they can treat conditions such as chronic pain, neurologic diseases and inflammatory disorders.
MannKind is transferring manufacturing technology to RLS, a new Seattle-based company, which is handling manufacturing and marketing. The companies are working together on clinical development of investigational products, with RLS being responsible for development costs.
MannKind is eligible to receive development and commercialization milestones of up to $102.25 million as well as mid-single to low double-digit royalties on net product sales.
“The results of these studies have further validated the versatility of our formulation technology,” said Matthew J. Pfeffer, CEO of MannKind. “We are pleased with the progress to date and look forward to the next phase of product development in our collaboration with RLS.”