NOVA LICENSING OF PHARMATEC BRAIN DELIVERY TECHNOLOGY
NOVA LICENSING OF PHARMATEC BRAIN DELIVERY TECHNOLOGY could bring four drugs to clinicals as early as 1987, according to an Aug. 27 press release. Initially, the agreement covers two steroidal anti-inflammatory agents, hydrocortisone and dexamethasone, and two anticancer agents, chlorambucil and nitrosoureas. "Under the terms of the license, Nova will pay Pharmatec to synthesize at least two carrier-drug combinations for treating brain tumors and at least two carrier-steroid combinations for treating brain inflammation, and for the animal studies to demonstrate enhanced brain delivery," the release states. "Nova will fund all development costs and clinical trials and will have worldwide marketing rights. Pharmatec will have the right to manufacture the products for Nova under certain conditions." Contingent on Nova's spending "at least $1.4 mil." in development and testing and on "other conditions," Nova will receive warrants to purchase 3.75%, or 120,000 shares, of Pharmatec's common stock "at a significant premium to the current price of stock" exercisable until Aug. 12, 1991, the release explains. Approximately 10% of Pharmatec is currently owned by Chicago invester Marvin Loeb, who bought into the company earlier this year ("The Pink Sheet" Jan. 13, T&G-6). Nova is the second company to license the Gainesville, Florida-based firm's patented carrier technology for delivery of drugs to the brain. In 1984, Pharmatec entered into an agreement with Smith Labs covering three off-patent central nervous system drugs. Pharmatec licenses the carrier system from the University of Florida.
You may also be interested in...
Newly released Medicare Part D data sheds light on the sales hit that branded pharmaceutical manufacturers will face when the coverage gap discount program gets under way in 2011
FDA appears headed for a showdown with clinicians and the pharmaceutical industry over the proposed new clinical trial endpoints for acute bacterial skin and skin structure infections, the guidance's approach for justifying a non-inferiority margin and proposed changes in the types of patients that should be enrolled in trials
Specialty drug maker Shire has quietly begun scouting deals with a brand-new $50 million venture fund, the latest of several in-house investment arms to launch with their parent company's pipelines, not profits, as the measure of their worth