On April 26, 2019 BioInvent International AB (OMXS: BINV) reported that it has received a €0.75 million milestone payment under its collaboration with Mitsubishi Tanabe Pharma Corporation in connection with enrollment of the first patient in a Phase II clinical trial of an antibody identified from BioInvent’s proprietary n-CoDeR antibody library (Press release, BioInvent, APR 26, 2019, View Source [SID1234535427]).

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The license agreement with Mitsubishi Tanabe Pharma covers development of antibodies from the n-CoDeR antibody library.

"It is very satisfying to see that our high quality recombinant human antibody library n-CoDeR is not only delivering candidates for BioInvent’s proprietary programs, but is also proving beneficial for our partners in developing their own pipeline," said BioInvent CEO Martin Welschof.

Under the terms of the agreement, payments are due to BioInvent when certain clinical milestones are achieved and royalty payments are due when a product is sold on the market. Enrollment of a first patient in a Phase II clinical trial is a milestone that triggers a payment to BioInvent.