Iterum issues $20M promissory note to Pfizer at 8% interest for deferred milestone payment

Iterum Therapeutics plc

FDA approved ORLYNVAH (sulopenem) on Oct 25 for uncomplicated UTIs in adult women.
$20M regulatory milestone payment triggered under 2015 Pfizer license agreement.
Company elected to defer payment for 2 years (until Oct 25, 2026) via promissory note.
Note bears 8% annual interest compounded daily; prepayable without penalty.
Upon change of control during deferral, Pfizer may accelerate full payment plus interest.

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