Adagene (ADAG) said Wednesday that a preclinical milestone for drug candidate XB404 triggered a $2 million payment from licensing partner Exelixis (EXEL).
The selection of candidates for a separate antibody-drug program generated an additional payment, the company said.
The company remains eligible for future development and commercialization milestones along with royalties on net product sales, Adagene said.
Shares of Adagene were down 2% in Wednesday trading.
Price: 3.41, Change: -0.08, Percent Change: -2.29
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