California spinal devices maker Alphatec (NSDQ:ATEC) revamped a licensing agreement with Progressive Spinal Technologies, lowering the minimum royalty payment and increasing the general royalty rate.
The deal further amends the applicable territory, removing the U.S. as a region in which Alphatec Spine can sell Progressive’s products and providing non-exclusive rights in Russia and China, according to regulatory documents.
Under the terms of the new agreement, Alphatec is no longer obligated to pursue U.S. clinical trials and all sales-based milestone payments were deleted, adding instead a $250,000 milestone payment tied to China regulatory approval of a licensed product.
The new deal takes effect Jan. 1, 2014, according to an SEC filing.