Common use of Regulatory Milestone Payments Clause in Contracts

Regulatory Milestone Payments. Emergent shall promptly inform Aridis of the achievement of each of the milestones set forth below by Emergent or any of its Affiliates or, if applicable, any Emergent sublicensee. In partial consideration of the licenses and other rights granted herein and subject to the terms and conditions set forth in this Agreement, Emergent shall make the following non-refundable milestone payments to Aridis within thirty (30) days of receipt by Emergent from Aridis of a written invoice therefor: 5.2.1 [***]at the first dosing of the first subject in the first Phase I Clinical Trial of a Licensed Product; 5.2.2 [***] at the first dosing of the first subject in the first Phase II Clinical Trial of a Licensed Product; 5.2.3 [***] upon the earlier of (i) the first dosing of the first subject in the first Phase III Clinical Trial of a Licensed Product and (ii) award of a contract executed by HHS, or any successor agency thereto, for the manufacture and delivery of a Licensed Product for placement in the Strategic National Stockpile; 5.2.4 [***] upon the first submission of a Marketing Authorization in the United States, Japan or any EU Member State with respect to a Licensed Product; 5.2.5 [***] upon the First Sale after receipt of the first Marketing Authorization for a Licensed Product; Emergent shall make the foregoing milestone payments to Aridis for the first Licensed Product per Biodefense Indication within the Field. These payments will be made only once per Licensed Product per Biodefense Indications within the Field.