IntelGenx Acquires Full Ownership and Exclusive Rights to MS Induced Pain Product
News Nov 30, 2010
IntelGenx Corp. has announced that it has acquired exclusive rights to, and ownership of, INT0010, an improved formulation of THC (dronabinol) for the symptomatic management of Multiple Sclerosis (MS) induced neuropathic pain and chemotherapy induced nausea. These markets are multi-billion dollar markets worldwide, and believed to be growing.
IntelGenx entered into a royalty based licensing agreement with PediPharm Ltd. Under the terms of the agreement, IntelGenx has obtained worldwide rights to US Patent 7,592,328 and all corresponding foreign patents and patent applications to exclusively develop and further provide intellectual property protection for INT0010. PediPharm would receive a signing fee and a milestone payment upon IntelGenx securing a commercialization partner for the product, along with a royalty from all sales of the product world-wide.
IntelGenx has also executed a binding Memorandum of Understanding with Cynapsus Therapeutics ("Cynapsus"), its former development partner whereby, for forgiveness of debt and a royalty on future sales of the product, IntelGenx has acquired full control of, and interest in, INT0010 going forward.
"We are very excited to have acquired full control and ownership of INT0010 at this critical juncture in the product's development" commented Horst G. Zerbe, President and Chief Executive Officer of IntelGenx. "The product has already completed a successful Phase I study demonstrating increased bioavailability of dronabinol and reduced levels of its psychotropic metabolite versus the existing FDA approved THC product. INT0010 is a unique, patent protected formulation with the potential to become a billion dollar product. We believe this is the right time for a commercial partner to step in and advance the project and are currently in discussions with several companies that have expressed an interest in commercializing the product."
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