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We are not currently a party to any material legal proceedings and we are not aware of any pending or threatened legal proceeding against us that we believe could have a material adverse effect on our business, operating results or financial condition.
+Added: On January 23, 2020, we initiated arbitration proceedings with the International Court of Arbitration of the International Chamber of Commerce against Zealand Pharma A/S (“Zealand”) related to a collaboration agreement we and Zealand entered into in 2012 and terminated in 2014.
+Added: The agreement provides for certain post-termination payment obligations to Zealand with respect to compounds related to the collaboration that we elect to further develop and meet specified conditions.
+Added: In our arbitration claim, we are seeking a declaration that we have no past, present or future milestone or royalty payment obligations under the agreement with respect to PTG-300 because PTG-300 is not a compound relating to the collaboration for which post-termination payments to Zealand apply.
+Added: We are also seeking repayment of $1.0 million in milestone payments we have made, as well as our costs, fees, and expenses of the proceeding.
+Added: Zealand disputes our claims and has filed counterclaims for payment of an additional $1.0 million future milestone, as well as payment of their arbitration costs, fees and expenses .
+Added: The arbitration is pending.
+Added: If Zealand prevails in the arbitration, we could be required to make contractual payments to Zealand described in our prior periodic reports filed with the Securities and Exchange Commission.
+Added: Those payments could include milestone payments for the achievement of certain development, regulatory and sales milestone events, and a low single digit royalty on worldwide net sales of PTG-300.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.