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    Aeterna Zentaris Reports First Quarter 2018 Financial and Operating Results

    Gabrielle Lakusta
    May. 08, 2018 09:03AM PST
    Biotech Investing

    Aeterna Zentaris (NASDAQ:AEZS) (TSX:AEZS) today reported financial and operating results for the first quarter ended March 31, 2018. As quoted in the press release: Licensing revenue was $24.6 million for the three months ended March 31, 2018, as compared to $0.1 million for the same period in 2017. The increase is primarily due to the recognition in January …

    Aeterna Zentaris (NASDAQ:AEZS) (TSX:AEZS) today reported financial and operating results for the first quarter ended March 31, 2018.

    As quoted in the press release:

    Licensing revenue was $24.6 million for the three months ended March 31, 2018, as compared to $0.1 million for the same period in 2017. The increase is primarily due to the recognition in January 2018, of the $24.0 million upfront payment received from Strongbridge for the license of Macrilen™(macimorelin) as earned revenue in accordance with International Financial Reporting Standards (IFRS) 15, Revenue from Contracts with Customers as it is a “right to use” license. In addition, due to events that occurred in 2018, we consider our performance obligations under the Zoptrex™ licensing agreements to be fulfilled, therefore we recognized deferred revenues of $0.5 million relating to non-refundable upfront payments it previously received for licensing and technology transfer arrangements that it entered into with respect to the development of Zoptrex™ in various territories.

    Sales commission and other were $90,000 for the three months ended March 31, 2018, compared to $153,000 for the same period in 2017. During 2018, we received a $90,000 termination agreement payment from our customer. In 2017, those revenues mainly resulted from our sales team exceeding pre-established unit sales baseline thresholds under our co-promotion agreement to sell Saizen®. We also generated sales commission in connection with our promotion of APIFINY®.

    Click here to read the full press release.

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