Subsequent Event

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On January 7, 2020, Tyme Technologies, Inc. ("Tyme") and the Company announced a strategic collaboration to advance oral SM-88 for the treatment of patients with cancer. SM-88 is an investigational agent in two Phase II studies for pancreatic cancer and in a Phase II study for prostate cancer. Data is expected in 2021. Under the terms of the securities purchase agreements,

Tyme is entitled to receive up to a total $40 million as follows; (a) an initial $20 million upfront. In return, we will receive 10 million restricted shares of Tyme’s common stock at $2.00 per share; (b) a second $20 million milestone payment upon achieving primary endpoints in pivotal trial results or approval of a cancer indication in the U.S. for SM-88. This payment will be split into a $10 million milestone cash payment and a $10 million investment in Tyme at a 15% premium to the then prevailing market price. Under the terms of the co-promotion agreement, we will be responsible for 25% of the promotional sales effort of SM-88 and will receive 15% of net revenues of SM-88 in the U.S. Tyme retains all commercial rights to SM-88 outside the U.S. and reserves the right to repurchase our U.S. co-promotion right for $200 million.