MINNEAPOLIS, April 3 /PRNewswire/ -- Dermatrends, Inc., a drug delivery company, announced today that it has entered into a license agreement with MINRAD International, Inc. that will allow MINRAD to use Dermatrends' patented transdermal delivery system to develop, test and deliver a new product in the conscious sedation market. The specific compound and anticipated product were not disclosed. MINRAD based in Buffalo, N.Y., is a specialty pharmaceutical and medical device company that develops, commercializes and markets products for the anesthesia, analgesic and image guidance markets.
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Dermatrends has received an up-front license fee for its proprietary transdermal delivery technology. MINRAD and Dermatrends will work together to jointly develop the new product which would then be taken to the FDA for regulatory approval in anticipation of a market introduction. In addition to license fees, Dermatrends will receive milestone and royalty fees under terms of the agreement.
The agreement will allow MINRAD to license Dermatrends' patented hydroxide releasing agent (HRA) technology in combination with a specific active pharmaceutical ingredient (API) to produce a proprietary pharmaceutical product. Chief Executive Officer of Dermatrends, Ted Schwarzrock, said, "We are pleased to be working with an innovative leader that has been successful in multiple drug delivery systems and in several markets. MINRAD is experienced in taking products from the development stage through the regulatory process and on to commercialization and market acceptance. We are looking forward to playing an important role throughout this process as we partner with MINRAD."
Dermatrends is a privately held drug delivery and medical research company based in Minneapolis, Minn. The company is dedicated to the development of proprietary transdermal and other drug delivery technologies, and it has demonstrated an enabling platform technology that allows a broad variety of ethical and over-the-counter drugs to permeate the skin and mucosal surface and enter the bloodstream at therapeutic levels in excess of anything currently commercially available. The company is currently actively developing its partnerships and other relationships in the global pharmaceutical industry to commercially introduce its technology. Additional information is available on the company's website at http://www.dermatrends.com.
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CONTACT: Media, Joanne Henry, +1-612-843-2142, or Products, Lee Schafer,+1-612-812-0242, both for Dermatrends, Inc.