Published on September 15, 2009 at 6:40 AM
A.P. Pharma (Nasdaq:APPA), a specialty pharmaceutical company, today announced that it has entered into a license and development agreement with Merial, a world leading animal health company, for a long-acting pain management product. The product, which contains an undisclosed analgesic, uses A.P. Pharma’s Biochronomer™ technology to provide sustained drug levels and pain relief over several days following a single administration. The product is currently undergoing animal efficacy studies.
The license agreement announced today follows a successful research collaboration between the companies. Under the terms of the new agreement, A.P. Pharma grants Merial a worldwide, exclusive license to the product for use in treating companion animals (cats and dogs). A.P. Pharma will receive an undisclosed upfront payment, development funding and potential future milestones that are in addition to royalties following commercialization.
“A.P. Pharma’s collaboration with Merial allows us to work with one of the world's leading animal health companies as we seek to expand the application of our Biochronomer technology into the field of veterinary medicine,“ said Ronald Prentki, A.P. Pharma’s President and CEO. “We are hopeful that, through our efforts with Merial, we will not only provide veterinarians with an important new approach to managing pain in companion animals, but also that this effort will prove to be synergistic with our other pain management programs for humans."
“A.P. Pharma’s Biochronomer technology provides us with an exciting opportunity to develop a new therapy for treating pain in companion animals,” said Peter Selover, Merial’s Vice President of Business Development. “We have high expectations for the application of this pain management product and look forward to our continued efforts with the A.P. Pharma team as we develop this program forward to commercialization.”
Source: A.P. Pharma