On October 15, 2019, Aclaris Therapeutics, Inc. (the "Company") and Rigel Pharmaceuticals, Inc. ("Rigel") reported that it entered into a First Amendment (the "First Amendment") to the License and Collaboration Agreement, originally dated as of August 27, 2015 (the "Original Agreement") (Filing, 8-K, Aclaris Therapeutics, OCT 15, 2019, View Source [SID1234542327]).

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Pursuant to the First Amendment, the Company and Rigel agreed to eliminate certain of the development milestones and Rigel released the Company from any obligation to pay a milestone payment for such milestones. The Company also agreed to pay Rigel an amendment fee of $1.5 million to be paid in three equal tranches of $500,000 in January 2020, April 2020 and July 2020. In addition, the parties modified certain other development milestones, and the Company agreed to increase the potential payments payable upon the achievement of such milestones from $10.0 million to $10.5 million in the aggregate. The First Amendment also provides that the Company’s obligation to use commercially reasonable efforts to develop, seek regulatory approval and commercialize at least one product would be deemed satisfied by the Company using commercially reasonable efforts to find a third party to use commercially reasonable efforts to develop, seek regulatory approval and commercialize at least one product.

Except as modified by the First Amendment, all terms and conditions of the Original Agreement remain in full force and effect.