OLIPASS Receives USD 328K R&D Payment from Vanda Pharmaceuticals – Recognized as R&D Revenue, Improving Profitability Outlook
OLIPASS disclosed receipt of USD 328,000 (approx. 4.26B KRW) in R&D fees from Vanda Pharmaceuticals under a joint new drug development agreement.
This amount, representing approximately 18.5% of 2022 annual revenue (about 2.3B KRW), will be recognized as R&D revenue in financial statements.
The amount was previously undisclosed at Vanda's request, but now disclosed upon expiration of the disclosure reservation period.
[AI Summary]The receipt of R&D fees signals positive progress in drug development and enhances the likelihood of further technology transfers, positively impacting shareholder value.
KOSDAQ Filing Information
Filing: [Correction of Description] Major Management Matters Related To Investment Decision (Receipt Of R&D Expenses For Joint Research And Development Of New Drug)