Saniona announced that Saniona and Proximagen have initiated lead optimization in their ongoing drug discovery and development collaboration. Saniona and Proximagen entered into this drug discovery and development = collaboration in the beginning of 2016. The collaboration is based on a unique Saniona ion channel program and focuses on research of new small molecule therapeutics for neurological disorders, using Saniona's expertise in ion channels and related technology platforms. Proximagen has exclusive worldwide rights to develop, manufacture and commercialise medicines identified through the collaboration. Under the terms of the agreement, Saniona has received upfront and research funding during the research period. Furthermore, Saniona will receive milestone payments upon the achievement of certain research, development and regulatory milestones. The potential value of the milestone payments is up to $30 million. In addition, Saniona will receive tiered royalties on net sales of any potential products commercialised by Proximagen as a result of this collaboration.