PII and NexMed Enter into Strategic Collaboration Agreement for NexMed's NexACT(R) Drug Delivery Platform
Jan 22, 2009 10:00:00 AM
Copyright Business Wire 2009
HUNT VALLEY, Md. & EAST WINDSOR, N.J.--(BUSINESS WIRE)-- PII, (Pharmaceutics International, Inc.) and NexMed, Inc. (Nasdaq: NEXM) announced today that they have signed a Memorandum of Understanding (MOU) for a strategic product development collaboration utilizing NexMed's NexACT drug delivery platform.
Pursuant to the MOU, PII will promote the NexACT technology to its clients and may independently identify new product development opportunities for this collaboration with NexMed. PII will be responsible for the research and development of the new pharmaceutical products with technical guidance and oversight from NexMed, and will also assume responsibility for clinical trial material manufacturing and commercial manufacturing of the new products.
Hem Pandya, NexMed's COO said, "We are very pleased to enter into this collaboration with PII. The strategic goal is to broaden the promotion of our technology and permit us access to PII's research and development and commercial manufacturing infrastructure. We will also be able to continue with our current product development efforts at significantly reduced monthly overhead expenses."
Steve King, PII's Senior Vice President said, "The collaboration between the companies will offer PII's customers opportunities for product development without having to move their compounds elsewhere. The NexACT technology fits well with PII's Drug Delivery Solutions initiative."
NexMed's transdermal drug delivery technology-NexACT-represents an important breakthrough in providing a highly effective transdermal therapeutic approach to the diseases that are currently being treated by systemic (oral or intravenous injections) therapy. The patented NexACT technology utilizes formulations containing new biodegradable ingredients to overcome the skin's natural barrier properties and enables the rapid penetration of high concentrations of active drug directly through the skin and major mucous membranes, thereby resulting in new and highly effective topical and transdermal therapies.
About NexMed, Inc.
NexMed, Inc. leverages its proprietary NexACT drug delivery technology to develop innovative topical pharmaceutical products that address unmet medical needs. NexMed's novel onychomycosis treatment is licensed to Novartis for global development. NexMed's pipeline also includes its late stage alprostadil treatment for erectile dysfunction, licensed to Warner Chilcott, a Phase 2 treatment for female sexual arousal disorder, and an early stage treatment for psoriasis. For further information about NexMed, go to www.nexmed.com.
About Pharmaceutics International, Inc.
A privately-held company, Pharmaceutics International, Inc. is a leading multinational contract formulation development, Clinical Trial Materials (CTM), and commercial manufacturing company with corporate headquarters in Hunt Valley, Maryland, USA. Founded in 1994, PII can manufacture a wide range of dosage forms covering solid, semi-solid and aseptic filling. This service is complemented by full analytical and regulatory support. For further information about PII go to: www.PiiDDS.com / www.pharm-int.com
Statements under the Private Securities Litigation Reform Act: with the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risks and uncertainties that may individually or mutually impact the matters herein described, including, but not limited to, obtaining regulatory approval for its products under development, entering into partnering agreements, pursuing growth opportunities, and/or other factors, some of which are outside the control of NexMed, Inc.
Source: NexMed, Inc.
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NexMed
Inc.
Mark Westgate
609-371-8123
CFO
mwestgate@nexmed.com
or
Pharmaceutics International
Inc.
Steve King
410-584-0001
Senior Vice President
sjking@pharm-int.com
or
Investor Relations:
Rx Communications Group
LLC
Paula Schwartz
917-322-2216
pschwartz@rxir.com
