Furiex Pharma Wins Milestone Pyament for Priligy Launch in France

Furiex Pharmaceuticals, Inc.

, a drug development collaboration company, today announced it will receive a $5.0 million milestone payment from the Menarini Group for the launch of Priligy in France. Currently, Priligy is marketed for on-demand treatment of premature ejaculation in 16 countries in Europe, Asia and Latin America, and is approved for that indication in 56 countries worldwide. In May 2012, Furiex entered into a license agreement with Menarini to commercialize Priligy in Europe, most of Asia, Africa, Latin America and the Middle East. Under the terms of the License Agreement, Furiex is eligible to receive an additional $5.0 million launch milestone and up to $40.0 million in sales-based milestones, plus tiered royalties ranging from the mid-teens to mid-twenties in percentage terms. "This launch will make Priligy, the only approved medication for premature ejaculation, available to a wider market in the EU,” said June Almenoff, M.D., Ph.D., president and chief medical officer of Furiex. "We look forward to additional worldwide Priligy launches as Menarini continues to build this franchise."