ViroXis Corporation is pleased to report the execution of an exclusive license agreement with a global pharmaceutical company for the marketing of an over-the-counter (OTC) sandalwood oil-containing product. The long-term agreement includes a licensing fee, milestone payments and royalties based on product sales. The pharmaceutical partner is exclusively dedicated to dermatology and is a world leader in dermatology products with an extensive product portfolio available in 80 countries. The license agreement anticipates worldwide commercialization of the OTC product, with an initial product launch in the U.S. anticipated in early 2015.
ViroXis has completed an open label Phase 2 study to support the launch of its OTC product, and a publication describing the study is in preparation. A second OTC product is in development.
"ViroXis has quickly emerged as a leader in the development of botanical drug products," said Ian Clements, Chief Executive Officer of ViroXis Corporation. "The strong clinical and scientific focus of our botanical programs has created interest among strategic partners, as demonstrated by this global licensing deal we've signed for our first OTC product."