Proteus Biomedical signs worldwide license and collaboration agreement with Novartis

Proteus Biomedical Inc., a pioneer in intelligent medicine, entered into an exclusive worldwide license and collaboration agreement with Novartis to develop and commercialize pharmaceutical products that incorporate Proteus’ novel sensor-based technologies in the field of organ transplantation. Novartis also receives certain option rights in cardiovascular and oncology product applications, as well as rights to use Proteus technologies in its clinical development of pharmaceutical products.

“We have a great opportunity together to bring a new type of pharmaceutical product to market that could aid patients, their families and physicians to attain maximum adherence with pharmaceutical therapy.”

Under the terms of the agreement, Novartis will make upfront cash and equity investments in Proteus totaling US$24 million. Proteus would also receive royalties on worldwide net sales of any Novartis products incorporating its sensor-based technology. Other financial terms were not disclosed.

Proteus has developed an integrated pharmaceutical product platform to personalize, monitor and manage medication treatment and adherence based on novel, sensor-based formulations of pharmaceutical products. Proteus’ products are initially focused on cardiovascular disease, tuberculosis and psychiatric disorders and are currently under clinical investigation.

“We believe that Novartis is a global leader in organ transplant drug development and marketing, which makes it an excellent collaborator to advance sensor-based pharmaceutical treatment systems,” said Andrew Thompson, president and chief executive officer of Proteus. “We have a great opportunity together to bring a new type of pharmaceutical product to market that could aid patients, their families and physicians to attain maximum adherence with pharmaceutical therapy.”