Ligand Pharmaceuticals (NASDAQ:LGND) has earned a $3M milestone payment
from privately held Palvella Therapeutics triggered by the latter’s
successful $45M Series C financing round. The payment consists of $2M in
cash plus $1M in Palvella Series C Preferred Stock.
Ligand inked a development funding and royalty
agreement with Palvella in December 2018 aimed at advancing its
pipeline, including lead candidate PTX-022 (QTORI 3.9% rapamycin
anhydrous gel) for the treatment of pachyonychia congenita,
a rare inherited condition characterized by misshapen fingernails and
toenails and painful calluses and blisters on the soles of the feet.
https://seekingalpha.com/news/3578462-ligand-pharma-bags-3m-milestone-from-palvella-therapeutics
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