Release #:812-154240-em-1156194:
Biopharm Insight On BioElectronics
Bioelectronics in discussions with strategic or international distribution partners for ActiPatch pain device – executive
Bioelectronics (OTCMKTS:BIEL) is actively looking to outlicense its ActiPatch pain device to either a preferred strategic partner or multiple international distributors based in local territories, said Executive Vice President Deepak Kotak.
Drugfree ActiPatch is a small, wearable medical device that emits a pulsating electromagnetic field that penetrates the affected joint and tissue, according to the company website. This electric field therapy reduces acute and chronic pain and
inflammation, the website states.
The Frederick, Maryland-based company has obtained a CE Mark for ActiPatch in Europe and announced on 5 August it has filed for 510(k) approval with the FDA for musculoskeletal pain, according to a company press release.
Discussions are ongoing, said Kotak. It's possible the company may announce a deal before the end of the year though he declined to comment more specifically on timelines. As the product is ideally for the consumer healthcare sector, which requires a wide reach and large marketing budget, the company would look to secure a global partnership, he said. Classic medical device companies, "forward-looking" pharmaceutical companies or niche players in the pain space are all possibilities for potential licensees, he said.
In the absence of a global partnership deal, Bioelectronics would look to secure regional partnerships with local distributors, said Kotak. The company has already secured local partners in Austria and Italy and is marketing the product in the UK through Walgreens Boots Alliance (NASDAQ:WBA), he said. Bioelectronics is looking to secure deals for the rest of the five major markets in Europe, Germany, France and Spain, he said. In terms of deal structure, an upfront and royalty payment for the territory would be required, he noted.
Once the product is approved in the US, the company will likely market the product through Walgreens due to their strong relationship, said Kotak.
Bioelectronics is also developing a number of products for additional indications, such as wound healing, incontinence and potentially migraine, said Kotak. The company will have to out-license them as there are only a few players in these spaces and they requires heavy investment in terms of sales and marketing, he said. However, the company's ultimate strategy is to have these as over-the-counter products to achieve wider patient access, he noted.
Kotak declined to comment on fundraising plans whilst also ruling out a sale in the near feature as the likely company valuation would not create significant liquidity for shareholders.
Bioelectronics' market is USD 5.64m.
by Hamish McDougall in London
My EANDE
More Information
Click here to Unsubscribe from our email list.
Wednesday, August 19, 2015 12:36:43 PM 1156194
