Benzinga | Jun 16, 2021 06:43AM EDT

Eton Pharmaceuticals Buys US, Canadian Rights To Zeneo Hydrocortisone Autoinjector

* Eton Pharmaceuticals Inc (NASDAQ:ETON) has acquired the U.S. and Canadian rights to Crossject's Zeneo hydrocortisone needleless autoinjector.

* The product is under development as a rescue treatment for adrenal crisis.

* Zeneo is a pre-filled, single-use device that propels medication through the skin in less than a tenth of a second.

* Crossject holds more than 400 global patents on the device, including 24 issued in the U.S. extending as far as 2037.

* Eton expects to submit a marketing application for the product to the FDA in 2023 and plans to request Orphan Drug Designation.

* Under the terms of the agreement, Crossject will receive development and regulatory milestone payments from Eton of up to $5 million, commercial milestones of up to $6 million, and a 10% royalty on net sales of the product.

* Crossject will be responsible for the management and expense of development, clinical, and manufacturing activities.

* Eton will take care of all regulatory and commercial activities.

* Yesterday, the FDA approved Rezipres (ephedrine hydrochloride injection) to treat hypotension occurring in the setting of anesthesia.

* Price Action: ETON shares are down 1.46% at $6.73 during the premarket session on the last check Wednesday.