definiens: means a pharmaceutical product that contains ( i ) a Molecule ( or any salt, ester, acid, base, or pro - drug of a Molecule ) or ( ii ) a compound ( or any salt, ester, acid, base, or pro - drug of a compound ) that is ( 1 ) conceived as a part of the Project, ( 2 ) considered by the J RC for synthesis as a Molecule, and ( 3 ) which either ( a ) could have been reduced to practice by [COMPANY] but for the Project ending or ( b ) is reduced to practice by [COMPANY] ( ) . If a Product is being developed by [COMPANY], an Affiliate or a sub - licensee and reaches a following milestone event ( ), then [COMPANY] shall pay to [COMPANY] within thirty ( 30 ) days after receiving an invoice from [COMPANY] the corresponding milestone payment : Start Phase I Start Phase II Start Phase III NDA Filing First Commercial Sale USA EU USA US$ 1.0 million US$ 1.25 million US$ 1.75 million US$ 1 million US$ 1 million US$ 2.0 million Phase I, Phase II, Phase III " have the meaning ascribed in 21 C.F.R. § 312.21(a ), ( b ), and ( c ), respectively, as may be amended . with reference to Phase I, Phase II or Phase III means the dosing of the first patient in that phase 's first clinical trial . " NON means a New Drug Application having the meaning ascribed in 21 C.F.R