Ambrilia Biopharma Inc.(TSX: AMB), a biopharmaceutical company developing innovative therapeutics in the fields of cancer and infectious diseases, announced today that it has received a milestone payment resulting from an agreement with its licensing partner in the United States for its late-stage oncology specialty generic, Octreotide, for the treatment of acromegaly and certain rare digestive system cancers. Ambrilia has a Product Development and License Agreement for the U.S. with an undisclosed major pharmaceutical company, which includes upfront payments, milestones and purchase of the final product, a sustained release formulation of Octreotide, via a product sale and marketing arrangement between the two companies. Ambrilia will manufacture the product at its cGMP (Good Manufacturing Practices) facility in Montreal, Canada, and supply the finished product to the partner for sale in the U.S.
