MILESTONE ROYALTIES Sample Clauses

MILESTONE ROYALTIES. The COMPANY will pay MAYO a milestone royalty in the amount set forth below, no later than thirty (30) days after the occurrence of each corresponding event designated below. Milestone Event Milestone Royalty --------------- ----------------- FDA approval of an IND for each natural $25,000.00 product or product that infringes on patent 4,929,731 or 5,106,979 -and any product that is covered by the claims of patents 5,547,960; 5,104,880 Start of Phase III Clinical Trials for $200,000.00 each natural product or product that infringes on patent 4,929,731 or 5,106,979 and any product that is covered by the claims of patents 5,547,960; 5,104,880 Filing of NDA Clinical Trials for each $300,000.00 natural product or product that infringes on patent 4,929,731 or 5,106,979 and any product that is covered by the claims of patents 5 547 960; 5 i 0ri H0, FDA approval of a NDA for each natural $2,700,000.00 product or product that infringes on patent 4,929,731 or 5,106,979 and any product that is covered by the claims of patents 5,547,960; 5,104,880

MILESTONE ROYALTIES. ACCENTIA shall pay Milestone Royalties to MAYO in relation to the development of an FDA Product, according to the following schedule: a. Start of Phase III (i.e. enrollment of the first subject in the first trial designed to serve as pivotal in a registration with the FDA) $[*] $[*] Accentia / Mayo Execution Copy 10 February 2004 b. Filling of NDA $[*] c. Product Launch $[*] Should ACCENTIA be the first company to obtain approval for an FDA Product, the Milestone Royalty specified in Section 4.05(c) hereto shall not be due.