Common use of Product Development Milestones Clause in Contracts

Product Development Milestones. Licensee shall pay to Research Institute milestone payments in the amount specified below upon every occurrence of each of the following milestone events for each Licensed Product anywhere in the Licensed Territory. IND Approval $****USD **** $****USD **** $****USD **** $****USD Initiation of Phase I Clinical Trial $****USD Completion of a clinical trial demonstrating human safety and clinical safety $****USD First USA approval of a Biologics License Application $****USD First EU approval of a Biologics License Application $****USD Cumulative $****in Net Sales $****USD

Product Development Milestones. Licensee shall pay to Research Institute Children’s milestone payments in the amount specified below upon every occurrence of each of the following milestone events for each Licensed Product anywhere in the Licensed Territory. IND Approval $$ ***** USD **** $$ ***** USD **** $$ ***** USD **** $$ ***** USD Initiation Initial of Phase I 1 Clinical Trial $$ ***** USD Completion of a clinical trial demonstrating demonstration human safety and clinical safety $$ ***** USD First USA approval of a Biologics License Application $$ ***** USD First EU approval of a Biologics License Application $$ ***** USD Cumulative $First Commercial Sale $ ****in Net Sales $***** USD