NEW YORK, Feb. 18, 2015 (GLOBE NEWSWIRE) -- Coronado Biosciences, Inc. (Nasdaq:CNDO) has obtained an exclusive license to an intravenous (IV) formulation of tramadol for the U.S. market from Revogenex Ireland Ltd., a privately held company in Dublin, Ireland. Coronado has formed a wholly owned subsidiary, Avenue Therapeutics, Inc., to acquire, in-license, develop and commercialize products principally for use in the U.S. hospital market. Coronado will transfer the Revogenex license to Avenue Therapeutics, Inc. In addition to IV tramadol, Avenue Therapeutics plans to seek additional products.
Dr. Lindsay A. Rosenwald, Coronado’s Chairman, President and CEO, said, “Forming this subsidiary that focuses on hospital-based products is a further step in our strategy to diversify our business. We believe that IV tramadol fills an important unmet need in the acute care setting.”
Dr. Jeffrey Ping Chairman, CEO and Co-Founder of Revogenex, said, “IV Tramadol represents the first of many products we are developing, and we look forward to the successful partnership with Coronado to introduce IV Tramadol into the U.S. market.”
Tramadol is a centrally acting synthetic opioid analgesic for moderate to moderately severe pain. It is available as immediate release or extended-release tablets in the U.S. It has been reported that oral tramadol sales were approximately $1.2 billion in the U.S. in 2014.
Avenue Therapeutics plans to initiate a Phase III development program of IV tramadol for the management of post-operative pain later this year. Under the terms of the agreement, Coronado and Avenue Therapeutics will assume sole responsibility for the development and commercialization of IV tramadol in the U.S. Revogenex received an upfront payment of $2 million upon execution of the exclusive license and is eligible to receive additional milestone payments upon the achievement of certain development milestones, in addition to royalty payments for sales of the product.
Torreya Partners represented Revogenex as an advisor for the transaction.
About Coronado Biosciences
Coronado Biosciences is a biopharmaceutical company dedicated to investing in, acquiring, developing and commercializing novel pharmaceutical products. The Company’s portfolio currently includes novel immunotherapy agents for the treatment of autoimmune diseases and cancer. As part of its growth strategy, the company plans to leverage its biopharmaceutical business and drug development expertise to acquire rights to, or to finance, innovative pharmaceutical and biotechnology products, technologies and/or companies, using a variety of approaches including licensing, partnerships, joint ventures, direct financings and/or public and private spin-outs. For more information, visit www.coronadobiosciences.com.
About Revogenex
Revogenex is a pharmaceutical product development company specializing in high-speed global development of products that address unmet patient needs using its global capabilities and relationships. Revogenex has been funded to date by Dr. Ping together with Greater Pacific Capital. For more information, visit www.revogenex.com and www.greaterpacificcapital.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of research and development activities; uncertainties relating to preclinical and clinical testing; our dependence on third party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
CONTACT: Lucy Lu, MD Executive Vice President & Chief Financial Officer Coronado Biosciences, Inc. 781-652-4525; ir@coronadobio.com
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