Regeneus Ltd. announced it has received USD 5.5 million from AGC as an upfront payment for the exclusive rights to manufacture Progenza under the terms of the collaboration and licence announced on December 29, 2016. Regeneus is expected to receive a further USD 11 million in specific development and approval milestone payments. Regeneus will be entitled, through its 50% interest in Regeneus Japan, to its share of upfront licence fees, milestone payments and royalties from sub licensing the development and commercialization of Progenza for osteoarthritis and all other clinical indications in Japan. AGC will be responsible for funding the manufacture of Progenza for the proposed Phase 2 trial for osteoarthritis in Japan under specific conditions.