“We are very excited that our partner is moving forward with licensing the XeriJect technology to further the development of the XeriJect subcutaneous teprotumumab to potentially enhance the patient experience and delivery of the treatment for Thyroid Eye Disease. This agreement to license XeriJect further validates the potential value of our technology to enable large molecule subcutaneous injections that provide a more patient friendly regimen that is effective, safe, and more convenient, with potential for improved adherence,” said Paul R. Edick, Chairman and CEO of Xeris. “We will move quickly to support our partner in this important development program.”

Under the terms of the License Agreement, Xeris has the potential to receive $75 million in development and regulatory milestones, plus sales-based milestones, as well as escalating single-digit royalties based on future sales of TEPEZZA using the XeriJect technology.