OliX Pharmaceuticals, which signed a joint skin and hair research contract with France's L'Oréal in June, has achieved a milestone and will receive research and development funding.
OliX Pharmaceuticals disclosed this on the 2nd and said that, under the contract, it expects to receive payment within 45 days of the end of the month in which L'Oréal receives the invoice. OliX Pharmaceuticals issued the invoice that day.
The amount to be received is not disclosed. The Korea Exchange (KRX) requires disclosure if milestone research and development funding is 10% or more of last year's sales.
The company did not say which milestone it achieved. Given common joint research practices, it could have been the securing of early efficacy and mechanism verification data, the submission of a key experiment package for candidate selection, or research results supporting applicability to skin and hair.