MONMOUTH JUNCTION, N.J., June 26 /PRNewswire/ — MicroDose Technologies Inc. (MicroDose) announced today that it has entered into a multi-product development and licensing agreement with Novartis (NYSE: NVS) for the MicroDose proprietary dry powder inhaler (DPI). This agreement follows the successful completion of an exploratory study performed with the MicroDose DPI.
Under the terms of the agreement, including the initial payment, MicroDose could receive up to $125 million in milestones for the successful development of the first five products. In addition, Novartis will pay MicroDose development costs and royalties on product sales, and Novartis will fund the necessary development, manufacturing and marketing costs for all products. In return, Novartis will receive exclusive rights to the MicroDose inhaler technology for its proprietary respiratory products.
“MicroDose is proud to name Novartis, one of the world’s top pharmaceutical companies, as a collaborator in the respiratory field”, commented Anand Gumaste, President and CEO of MicroDose. “Novartis’ strong pipeline of proprietary new chemical entities and in-licensed compounds, combined with MicroDose’s next generation inhaler, should ensure a strong leadership position in respiratory products for years to come. The addition of the Novartis partnership is a meaningful step in the continued growth of MicroDose and our mission to become a world leading provider of drug delivery technologies and products to improve the quality of life for people suffering from chronic diseases.”
Adding to Mr. Gumaste’s comments, Scott Fleming, Sr. Vice President of Marketing for MicroDose, said that the agreement with Novartis was a validation of the MicroDose pulmonary delivery technology as a platform to support a pipeline of products. “The MicroDose inhaler’s unique features and technologies make it a clear fit with Novartis’ stated strategic direction of bringing to market innovative and differentiated products that offer patients clear therapeutic benefits.”
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About MicroDose Technologies
MicroDose Technologies, Inc., based in Monmouth Junction, New Jersey, is a leading privately-held drug delivery systems company, developing advanced pulmonary, fixed-dose-combination oral dosage, and other technologies for the pharmaceutical and biotechnology industries. The MicroDose DPI is a handheld, low cost, breath activated device which utilizes piezo electronics to efficiently deliver a broad range of compounds independent of inhalation effort. MicroDose is developing an inhaled insulin product through its joint venture, QDose, and is also co-developing, with the University of Pittsburgh, an inhaler for the systemic delivery of a nerve agent antidote for the U.S. Department of
Defense. In addition, MicroDose has internal development programs underway for combination oral dosage products in the areas of diabetes, hypertension and hyperlipidemia.
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