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AGREEMENT WITH FOSUN | 3 Months Ended
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Sep. 30, 2024
AGREEMENT WITH FOSUN |
AGREEMENT WITH FOSUN | (7) AGREEMENT WITH FOSUN On September 6, 2017, the Company entered into a license agreement with Shanghai Fosun Pharmaceutical Industrial Development Co. Ltd. (“Fosun”) for exclusive rights to commercialize Vyleesi in China (the “Fosun License Agreement”). Under the terms of the Fosun License Agreement, the Company received $4,500,000 in October 2017, which consisted of an upfront payment of $5,000,000 less $500,000 that was withheld in accordance with tax withholding requirements in China and recorded as an expense during the year ended June 30, 2018. In July 2024, Fosun, Cosette and Palatin entered into a termination agreement, effective as of May 20, 2024, terminating the Fosun License Agreement and ancillary agreements.

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