~ Q-Octreotide license agreement in Turkey further expands the international and commercial outlook of Midatech ~
Midatech Pharma (AIM: MTPH; Nasdaq: MTP), the specialty pharmaceutical company focused on the development and commercialisation of multiple therapeutic products, today announces that the Company has entered into a supply agreement for Q-Octreotide with Centurion Pharma (“Centurion”), a Turkish company focused on the development and commercialisation of specialty products for the Turkish market.
The agreement grants exclusive rights to Q-Octreotide, a sustained release version of Octreotide which Midatech is developing for the treatment of carcinoid and acromegaly, to Centurion for the Turkish market. Midatech’s Q-Octreotide is aimed at offering patients and physicians an alternative therapy for carcinoid and acromegaly with distinct advantages including ease of reconstitution and administration.
As part of the agreement, Midatech will receive up front, milestone and royalty payments. Financial terms of the agreement have not been disclosed.
Commenting on the announcement, Dr. Jim Phillips, CEO of Midatech Pharma, said: “This is the first deal of this type for Q-Octreotide and another step towards proving the international and commercial focus of Midatech. Following on closely from the successful completion of the DARA Biosciences acquisition earlier this month, Midatech is now very well placed to commercialise products in the US and, in other territories, we will continue to partner with companies such as Centurion, where they can maximise the value of products in their specialist markets.”
Ersin M. Erfa, CEO of Centurion Pharma, added: “We are very pleased to begin this collaboration with Midatech Pharma in the Turkish market. As we are focusing on high value added therapies for chronic and speciality oriented diseases, we believe that this new collaboration will create a great opportunity to expand our business. We are looking forward to continuing our partnership with Midatech Pharma.”
Midatech Pharma (AIM: MTPH; Nasdaq: MTP), the specialty pharmaceutical company focused on the development and commercialisation of multiple therapeutic products, today announces that the Company has entered into a supply agreement for Q-Octreotide with Centurion Pharma (“Centurion”), a Turkish company focused on the development and commercialisation of specialty products for the Turkish market.
The agreement grants exclusive rights to Q-Octreotide, a sustained release version of Octreotide which Midatech is developing for the treatment of carcinoid and acromegaly, to Centurion for the Turkish market. Midatech’s Q-Octreotide is aimed at offering patients and physicians an alternative therapy for carcinoid and acromegaly with distinct advantages including ease of reconstitution and administration.
As part of the agreement, Midatech will receive up front, milestone and royalty payments. Financial terms of the agreement have not been disclosed.
Commenting on the announcement, Dr. Jim Phillips, CEO of Midatech Pharma, said: “This is the first deal of this type for Q-Octreotide and another step towards proving the international and commercial focus of Midatech. Following on closely from the successful completion of the DARA Biosciences acquisition earlier this month, Midatech is now very well placed to commercialise products in the US and, in other territories, we will continue to partner with companies such as Centurion, where they can maximise the value of products in their specialist markets.”
Ersin M. Erfa, CEO of Centurion Pharma, added: “We are very pleased to begin this collaboration with Midatech Pharma in the Turkish market. As we are focusing on high value added therapies for chronic and speciality oriented diseases, we believe that this new collaboration will create a great opportunity to expand our business. We are looking forward to continuing our partnership with Midatech Pharma.”
