YARDLEY, PA--(Marketwire - June 03, 2009) - Velcera, Inc., a specialty pharmaceutical
company focused on pet health, announced that it entered into a global
licensing agreement with a multinational animal health company. The global
agreement calls for the licensing partner to develop, register and
commercialize a novel pet medicine utilizing Velcera's patented oral
mucosal drug delivery technology branded Promist™. While the terms of
the agreement are confidential, it calls for upfront payments,
developmental milestone payments, as well as royalties based upon sales.
"We are very pleased to enter into this license and development agreement
for an important pet medicine that will improve the ease of administration
for pets and owners," said Dennis Steadman, CEO of Velcera. "This
agreement will help pet owners access our technology to improve pet health.
We look forward to a long-term relationship and additional products in the
future," Steadman added.
Velcera (www.velcera.com) is a specialty pharmaceutical company focused on
innovation in the expanding pet health market. Velcera's product
development targets pet medicines that can provide superior convenience,
value and compliance. Product candidates based upon the patented
Promist™ delivery technology have the potential to improve pet health as
pet parents avoid the challenges of getting pets to swallow pills.