C4XD said on Monday it would receive pre-clinical milestone payments worth up to $16 million ahead of the first clinical trial, including $2 million upfront.

In addition, C4XD said it would receive a furtherpotential $385.8 million in clinical development and commercial milestones and tiered mid-single digit royalties upon commercialisation of any treatment. 

(Reporting by Paul Sandle; editing by Sarah Young)