ProMed Pharma this week announced it acquired SpineThera’s manufacturing capabilities with the option to license intellectual property.
Under the terms of the acquisition, ProMed Pharma has the option to license SpineThera’s microsphere intellectual property, which it could sublicense to ProMed Pharma’s customers. The Plymouth, Minnesota-based contract manufacturer will also add biodegradable microparticle development and manufacturing services to its portfolio.
SpineThera is a clinical-stage pharmaceutical company focused on developing its SX600 formulation of extended-release dexamethasone microsphere for epidural injection in the management of lumbar radicular pain. Its controlled-environment manufacturing suite and process equipment will give ProMed a robust manufacturing process supported by a cGMP quality management system and a highly experienced CMC team.
“We are focused on improving patients lives by developing innovative injectable drugs based on our proprietary micro-suspension platform technology. Our lead asset, SX600, has shown best-in-class potential for the treatment of lumbar radicular pain,” SpineThera CEO Jeff Missling said in a news release.
SpineThera will maintain exclusive ownership of intellectual property that enables SX600. Its manufacturing team will join ProMed Pharma as it continues to manufacture SX600 in the cleanroom facilities it manufactured in before.
CEO Missling said the transaction would provide an infusion of working capital for SpineThera and reduce the company’s fixed and recurring expenses.
“Microparticle formulation capabilities will significantly expand the sustained-release options we can offer our partners,” ProMed Pharma Director of Business Development Jim Arps said. “I’m particularly excited about opportunities to expand our collaborations in Women’s Health, Ophthalmology, and Complex Generics and engage new partners in therapeutic areas such as Oncology, CNS, and Animal Health. Our in-house analytical capabilities are also well-suited to support new projects in these areas from early formulations to clinical trial material testing and release.”
The financial details of the deal were not disclosed.
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