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Tyme Tech teams up with Eagle Pharma to promote lead drug; shares up 16%

|About: Tyme Technologies, Inc. (TYME)|By:, SA News Editor

Thinly traded micro cap Tyme Technologies (TYME +16.2%) is up on almost an 8x surge in volume on the heels of its collaboration agreement with Eagle Pharmaceuticals (EGRX -1.1%) aimed at promoting lead candidate SM-88 in advanced cancers.

Under the terms of the partnership, Eagle will invest $20M in Tyme via the purchase of 10M restricted common shares at $2/share. Tyme will receive a $20M milestone upon the successful completion of the first of three events: (1) achievement of the primary endpoint of overall survival in its TYME-88-Panc pivotal trial, (2) achievement of the primary endpoint of overall survival in the PanCAN Precision Promise℠ SM-88 registration arm or (3) FDA approval of SM-88 in any cancer.

The parties have agreed to co-promote SM-88 in the U.S. with Eagle responsible for 25% of the sales effort for which it will receive 15% of net revenue. Tyme will be responsible for the remaining 75% of the promotional effort (and 85% of U.S. sales) in addition to clinical development, regulatory approval, commercial strategy, marketing, reimbursement and manufacturing. It retains the right to repurchase Eagle's co-promotion right for $200M.

According to Tyme, SM-88 is a combination therapy that uses a proprietary dysfunctional tyrosine derivative to interrupt the metabolic processes of cancer cells, breaking down their defenses and making them vulnerable to oxidative stress and death.

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