Under terms of the global royalty agreement, Q BioMed will assume immediate ownership of the pain asset, as well as an abbreviated new drug application for the treatment.
Q Biomed entered into a settlement agreement with BioNucleonics Inc. to complete the outright acquisition of the non-opioid cancer bone pain drug Strontium-89 Chloride USP. BioNucleonics had previously licensed the medication.
Under terms of the global royalty agreement, New York-based Q BioMed will assume immediate ownership of the pain asset, as well as an abbreviated new drug application for the treatment. Financial terms of the deal were not disclosed.
Strontium-89 has a history of providing well-documented pain relief for patients suffering from the “excruciating pain associated with primary cancers that have spread to the bone,” including breast, prostate, lung and others, Q BioMed said in its announcement. The drug is administered by a single injection and has been shown to reduce or even eliminate the need for opioid therapies. It is effective in reducing pain in the majority of patients and lasts three or more months with one dose, the company noted. Strontium-89 works by delivering radiation locally to the bone metastases that results in pain relief by selectively targeting and accumulating in metastatic bone lesions with minimal risk of toxicity to surrounding normal tissue. It is estimated that there are approximately 280,000 people currently living with metastatic bone disease in the U.S. alone. Strontium-89 has previously been approved as a treatment for relief of bone pain in patients with painful skeletal metastases.
In its announcement Wednesday, Q BioMed said it has been “gearing up its commercial efforts” in anticipation of the successful outcome of the acquisition of Strontium-89 Chloride USP, as well as the pending FDA approval of the contract facility that will manufacture the drug in the United States. In anticipation of a potential launch of Strontium-89 Chloride USP, Q BioMed said it has hired a commercial team even as it undergoes regulatory review of its contract facility. The company anticipates the announcement of global distribution plans later this year.
With the current opioid crisis in the United States, Q BioMed believes now is the right time to launch the pain medication. Furthermore, due to the advances made in cancer therapy that have increased the chances of survival, that means more people are living longer with metastatic cancers. For Q BioMed, the opportunity to provide improved quality of life to this group is substantial, the company said.
Dennis Corin, chief executive Officer of Q BioMed, noted that the company is highly confident in the Strontium-89 program.
“It has taken longer than anticipated to get here, but we are soon going to be able to serve the needs of patients suffering from metastatic bone pain and provide them the chance to minimize their pain and improve their quality of life during a meaningful moment in their lives. With millions of potential patients, this is a major market opportunity for us and our shareholders,” Corin said in a statement.
Additionally, Corin noted that Q BioMed is planning additional trials to seek expanded indications for a larger therapeutic market for Strontium-89 Chloride USP.
