Collegium Pharmaceutical, Inc. Announces the Spin-out of Onset Therapeutics and the Launch of PreCision Dermatology Inc.
12/1/2010 6:39:31 AM
CUMBERLAND, R.I.--(BUSINESS WIRE)-- Collegium Pharmaceutical, Inc., a specialty pharmaceutical company, announced today that it has completed the spin-out of Onset Therapeutics, LLC, its wholly owned subsidiary focused on the Dermatology market. Onset will become part of PreCision Dermatology, Inc., a newly founded company that will be led by Jeffrey M. Nugent, founding President and CEO. PreCision is focused on developing, manufacturing, acquiring and marketing a broad portfolio of innovative dermatology products. Through the Onset division, PreCision gains an experienced management team, a GMP manufacturing facility, ownership of the proprietary Delevo® foam technology platform, and an innovative product line formulated to improve patient compliance and clinical outcomes that is marketed by an established national dermatology sales force.
Collegium will focus its efforts on the continued development of its patented DETERx™ Technology. DETERx™ is a proprietary, tamper resistant, extended release delivery platform that can be applied to drugs prone to abuse, as well as drugs that have a narrow therapeutic window in which the inadvertent destruction of the time release system (crushing, breaking, chewing) can cause harm to a patient. Collegium’s DETERx™ platform is covered by multiple patents that expire in 2025. While developed primarily to provide tamper resistant, extended release properties, the multi-particulate design will allow patients with difficulty swallowing to open the capsule and administer the contents on food or with water, while maintaining the extended release properties of the product. The Company’s two leading product candidates, COL-003 and COL-172 have been granted Fast Track Designation by the FDA and are currently in clinical development. The Company has a number of additional DETERx™ product candidates in development for the treatment of pain and ADHD.
The Company announced that it has been awarded a $244,479 research grant under the Internal Revenue Service's Qualifying Therapeutic Discovery Project Program (QTDP). The QTDP grant program provides support for innovative projects that are determined by the U.S. Department of Health and Human Services to have reasonable potential to result in a new product, process or technology to further the delivery or administration of therapeutics. Collegium applied for and is receiving these funds to support the further development of its DETERx™ technology.
”We are excited about the creation of PreCision Dermatology, as it provides for a significant growth opportunity for our Onset business. PreCision is well positioned for future success with a seasoned CEO in Jeff Nugent, a first class group of investors, and a differentiated technology in a growing core business,” stated Michael Heffernan, Founder of Onset Therapeutics and CEO Collegium Pharmaceutical. “Collegium will now focus its attention on accelerating the development of its DETERx™ portfolio of products as we believe that the DETERx™ Technology brings unique beneficial characteristics not found in other tamper resistant technologies.”
About Collegium Pharmaceutical
Collegium Pharmaceutical, Inc. is a specialty pharmaceutical company focused on the development of proprietary, late stage pharmaceutical products. These products target market opportunities through formulation based product improvements protected by intellectual property (IP). Collegium is focused on building a portfolio of pain products that incorporate its patent protected DETERx™ formulation platform that provides for extended release and tamper resistance. For more information, visit the Company’s website at www.collegiumpharma.com.
About PreCision Dermatology, Inc
Headquartered in Cumberland RI, PreCision Dermatology is a fully-integrated dermatology company with a mission to deliver innovative therapies to physicians and patients that demonstrably improve the care of skin. PreCision Dermatology will expand quickly through acquisitions, in-licensing, co-marketing opportunities and development of internally generated therapies. The Company’s Onset division, (www.onsettx.com) develops and markets eleven products based on its proprietary DELEVO® foam technology platform.