STOCKHOLM, December 13, 2011 /PRNewswire/ --
Pharmalink AB, today announces it has gained an exclusive global license to Archimedes Pharma Ltd.'s TARGIT® drug delivery technology for use in its lead program, Nefecon® for the treatment of the kidney disease IgA nephropathy.
As part of the agreement, Pharmalink has also acquired from Archimedes Pharma certain specialized equipment and the technologies needed to manufacture TARGIT capsules for Nefecon for its ongoing clinical development program. Pharmalink has paid Archimedes Pharma an undisclosed upfront payment for the license and other assets and will pay a royalty on the sales of Nefecon.
Today's agreement follows a productive co-development program between Pharmalink and Archimedes Pharma that began in 2004 and saw Nefecon successfully complete an open Phase II trial evaluating efficacy and safety. Pharmalink now assumes full control and responsibility for the further development of Nefecon.
Pharmalink's Managing Director Johan Häggblad said, "We believe Nefecon has great potential as a new medicine for a currently poorly treated disease that can ultimately lead to renal failure. Our collaboration with Archimedes delivered very strong progress and having secured an exclusive license to TARGIT we look forward to continuing to drive the development of Nefecon and bringing an important new treatment option to patients."
Archimedes Pharma's Chief Executive Officer Jeffrey H. Buchalter said, "We are pleased that the license of our unique TARGIT drug delivery technology to Pharmalink will allow the development of Nefecon to progress. We will continue to have an interest in the advancement and success of Nefecon to address this unmet medical need."
Archimedes retains all TARGIT rights outside the Nefecon areas of study.
Nefecon is an enteric formulation of a locally acting corticosteroid which down regulates the inflammatory process in the kidneys through suppression of the gut immune system. It is delivered using the proprietary TARGIT drug delivery technology which enables the localized delivery of drugs to the lower small intestine or colonic regions of the gut. The concept underlying Nefecon is a patented invention by Professors Bengt Fellström and Roger Hällgren at Uppsala University (Sweden).
Pharmalink is a Swedish specialty pharma company developing high value products for niche indications. Pharmalink draws on its extensive experience of pharmaceutical product development and the excellence of medical science in Sweden to identify and progress products that address significant unmet medical needs. Pharmalink has introduced more than 15 pharmaceutical products to the market. Using a repurposing and reformulation strategy, Pharmalink minimizes the risk of product development. The Company's strategy is to apply its expertise to drive drug development and commercialise with partners. Pharmalink currently has two clinical phase projects under development, Nefecon® and BusulipoTM, and is actively in-licensing promising new projects to add to its pipeline. Visit http://www.pharmalink.se for further information.
About Archimedes Pharma
Archimedes Pharma is an international specialty pharmaceutical company providing novel and advanced treatments to address unmet needs for people living with serious or life-threatening chronic and debilitating illnesses. Archimedes Pharma markets a diverse portfolio of specialty products and has operations in the U.S. and throughout Europe. For more information, please visit: http://www.ArchimedesPharma.com.
TARGIT is a registered trademark of Archimedes Development Limited, a subsidiary of Archimedes Pharma Ltd.
For further information, please contact:
Johan Häggblad, Managing Director, +46(0)70-668-0644
Citigate Dewe Rogerson:
Chris Gardner/Nina Enegren, +44-207-638-9571
SOURCE Pharmalink AB