| | | No problem.
I will be very pleased if their revenue projections are close to reality. It would be nice to see a sales milestone sometime in the near future.
Same Here!!
There were some figures in the 10K that could give us an idea of where sales are happening in Europe ( for Sale Milestone purposes ). The only problem is that it's pretty much impossible to know what was from Royalties and what was from Product Sales ( for the partners that were buying from Apricus - because they seemed to start buying from Apricus and then transition to direct buyers from Parima and Therapex ) and let's not forget upfront License fees. I believe Bracco never had that middle-man relationship with Apricus, so the figures for them would be entirely royalties.
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Year Ended December 31,
|
|
|
2015
|
|
2014
|
|
2013 (1)
|
Ferring
|
|
$
|
2,250
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Sandoz
|
|
1,736
|
|
|
2,514
|
|
|
272
|
|
Takeda Pharmaceuticals International GmbH (“Takeda”)
|
|
398
|
|
|
141
|
|
|
—
|
|
Majorelle
|
|
245
|
|
|
4,150
|
|
|
—
|
|
Recordati
|
|
194
|
|
|
2,454
|
|
|
—
|
|
Bracco SpA (“Bracco”)
|
|
16
|
|
|
—
|
|
|
669
|
|
Warner Chilcott, now a subsidiary of Allergan, Inc. ("Allergan")
|
|
|
|
|
|
646
|
|
|
|
$
|
4,839
|
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As you can see - $16,000 out of all of last years revenue came from Bracco. It is safe to say that those are entirely royalties!! Vitaros was launched in September 2015. That means that those $16,000 in royalties were for Vitaros units that were sold in Italy during that month. If you were to estimate a $2.00 royalty per unit - that would give you 8,000 units for the month of September 2015 in Italy. But needless to say, the sold units and the revenue per quarter have not been reliable enough to figure out an approximate amount per unit. It seems that certain partners are not finalizing payments before quarter end.
You also can see Sandoz as was the biggest source of revenue from last year ( excluding the $2,250,000 upfront payment from Ferring ). But I must remind everybody reading this that we recognized $1M from Sandoz' upfront payment in September of 2015 and also $350,000 from the upfront payment for the expanded APAC Territory. That leaves $386,000. And from those - we would have to deduct Vitaros Unit Sales - as we were acting as a middle-man between Sandoz and the manufacturers.
Next highest revenue generating partner is Takeda. Again, we are the acting middle-man between Takeda and the Vitaros unit manufacturers. No way to tell how much is royalties.
Then we have Majorelle and Recordati - we acted as middle-men for those two partners but it was only for a very short time - if that.
Using the above information, my guess is that the bulk of Vitaros unit sales are coming from France and Spain and possibly Italy now. Cross your fingers for some Sales Milestones soon!!
I keep wanting clarity on how much the phase III clinical trial on Fis is going to set the company back (assuming that the results support such a trial). This report was pretty skimpy in that area. Perhaps we will find out by the end of the month with the phase II results.
That is true!! I do hope we get stellar results and they conduct a conference call to explain them. As also explain what comes next. One thing though, even if we do get stellar results, I believe they would be going back to the FDA to clarify on the next steps needed for a Phase III. It will be at least a few months before they get everything ready. I would think they would initiate the Phase II trial for LUTS in the meantime.
9 Trading Days to go in the Quarter!! This drink is hoping for Stellar Results - Bottoms Up!! |
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