Nottingham, UK – 30 November 1999 – Quadrant Healthcare plc (“Quadrant” or the “Company”), the UK drug delivery company, announced today that it has agreed to form a new joint venture company with MicroDose Technologies Inc (“MicroDose”), a US based drug delivery systems company, to develop and exploit the pulmonary delivery of peptides and proteins.
- The joint venture will be a UK based limited company owned 50% each by Quadrant and MicroDose and will be called QDose.
- The joint venture will initially focus on the development of a pulmonary format of fast acting insulin combining Quadrant’s formulation and particle engineering technologies with MicroDose’s novel dry powder inhaler and filling capabilities.The joint venture aims to find a multinational pharmaceutical partner for the project once clinical trials are underway.
- As part of the financial arrangements Quadrant has invested a total of US$2 million in MicroDose in the form of common stock and a promissory note. Quadrant hasretained the right to expand the activities of the joint venture at any time up to 31. December 2001 to cover the pulmonary delivery of all peptides and proteins.
MicroDose has developed the patented MicroDose dry powder inhaler (DPI) and MicroDose electrostatic deposition system (MEDS). The MicroDose DPI is a hand-held, low cost, breath activated device, which makes novel use of piezo electronics to efficiently deliver a broad range of compounds. This device is the first totally electronic DPI, and represents the next generation in inhaler technology both in performance and ease of use.
Quadrant CEO Iain Ross said the company screened more than 40 different device technologies and evaluated four before selecting MicroDose for the program. Just as important, Quadrant says, MicroDose has developed an electrostatic deposition system for accurate filling of the unit dose blisters for its DPI.
The MicroDose electrostatic deposition system (MEDS) facilitates the accurate and repeatable packaging of microgram to milligram quantities of powdered drugs. This system is currently used to accurately fill the unit dose blisters for the MicroDose DPI. In the oral delivery area, the MEDS system enables combination products, which can bring
new life to drugs soon to go off patent. The MEDS system can also be used in discovery to produce oral dosage forms for dose ranging and clinical studies.
Commenting on today’s announcement, Iain Ross, Chief Executive of Quadrant, said: “Quadrant is committed to building its franchise in the pulmonary delivery of peptides and proteins and we are very pleased to have agreed the formation of this joint venture with MicroDose. We view our relationship with MicroDose as a key strategic partnership in that by combining their pulmonary device and filling capabilities with our formulation and
particle engineering technologies the joint venture will have a compelling offering to present to pharmaceutical partners in respect of the pulmonary delivery of peptides and proteins.”
Anand Gumaste, Chief Executive of MicroDose, added:
“This joint venture allows both MicroDose and Quadrant to fully leverage their technologies in the $20 billion peptides and proteins market. We believe that by combining our technologies, we will be able to offer the market a small, cost effective, patient acceptable system, which can support the delivery of a broad range of peptides and proteins in collaboration with our pharmaceutical partners.”
Listed on the London Stock Exchange in February 1998, Quadrant is a drug delivery company that seeks to apply its novel and proprietary particle formulation technologies to oral, injectable and inhaled medicines, working in partnership with leading pharmaceutical and drug delivery companies.
Located in Monmouth Junction, New Jersey, USA, MicroDose is a privately held drug delivery company specializing in the development of pulmonary, oral and transdermal delivery systems. MicroDose has research and development contracts with six undisclosed pharmaceutical partners.