SYDNEY and BEDMINSTER, N.J., Oct.
15, 2013 /PRNewswire/ -- QRxPharma Limited (ASX: QRX and
OTCQX: QRXPY) announced today the execution of a licensing
agreement with Aspen Pharmacare Holdings Limited (JSE: APN), for
the commercialisation rights to immediate release MOXDUO in
South Africa. On 11 September 2013 QRxPharma announced a licensing
deal with Aspen's Australian
subsidiary for the Australia,
New Zealand and Oceania
commercialisation rights to immediate release MOXDUO. That
agreement also provided Aspen an
option to enter into a license for the territory of South Africa, which Aspen has now exercised.
"We are delighted to extend our strategic collaboration with
Aspen to include the South African
market," said Dr. John Holaday,
Managing Director and Chief Executive Officer, QRxPharma.
"Aspen brings an extensive
marketing presence in South Africa
which will help ensure that MOXDUO is available to patients
suffering moderate to severe pain, and to clinicians looking for
safer pain treatments."
Under the licensing agreement, Aspen will receive the exclusive rights to
commercialise immediate release MOXDUO in South Africa and will assume responsibility
for the regulatory filing, all product launch costs as well as
ongoing marketing and sales efforts. QRxPharma will receive a
A$250,000 milestone payment upon
regulatory approval of immediate release MOXDUO in South Africa, together with double digit
royalties on all sales. QRxPharma retains all rights to the
intravenous and controlled release formulations of MOXDUO in
South Africa.
About QRxPharma
QRxPharma Limited is an Australian
based, commercial-stage specialty pharmaceutical company focused on
the development and commercialisation of new pain management and
abuse prevention products. Based on a development strategy that
focuses on enhancing the clinical utility of currently approved
compounds as well as bringing new products to market, the Company's
product portfolio includes both late and early stage clinical drug
candidates with the potential for reduced risk, abbreviated
development paths, and improved patient outcomes. In Q4 2013, the
Company plans to refile with the US Food and Drug Administration a
New Drug Application for its lead product candidate, immediate
release MOXDUO® for the treatment of acute pain. QRxPharma entered
into strategic collaborations with Actavis Inc. in December 2011, Paladin Labs Inc. in October 2012 and Aspen Group in September and
October 2013 for the
commercialisation of immediate release MOXDUO in the United States, Canadian, Australian
(including New Zealand and
Oceania) and South African acute pain markets respectively. The
Company's clinical pipeline includes an intravenous (IV) and
controlled release (CR) formulation of MOXDUO. In July 2013, the Company also established a
collaboration agreement with Aesica Formulation Development
Limited, for the world-wide promotion of QRxPharma's proprietary
Stealth Beadlets® abuse deterrence technology. For more
information, visit www.qrxpharma.com.
About Aspen
Aspen, listed on South Africa's JSE Limited, continues to
increase the number of lives benefiting from its products, reaching
approximately 150 countries across the world. The extensive basket
of Aspen products provides
treatment for a broad spectrum of acute and chronic conditions
experienced throughout all stages of life.
Aspen is a leading generics
manufacturer in the southern hemisphere and is Africa's largest pharmaceutical
manufacturer. It is also ranked as Australia's number one generic pharmaceutical
company. Aspen has 17
manufacturing facilities at 12 pharmaceutical manufacturing sites
on six continents and approximately 7,400 employees.
Forward Looking Statements
This release contains
forward-looking statements. Forward-looking statements are
statements that are not historical facts; they include statements
about our beliefs and expectations. Any statement in this release
that states our intentions, beliefs, expectations or predictions
(and the assumptions underlying them) is a forward-looking
statement. These statements are based on plans, estimates and
projections as they are currently available to the management of
QRxPharma. Forward-looking statements therefore speak only as of
the date they are made, and we undertake no obligation to update
publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and
uncertainties. A number of important factors could therefore cause
actual results to differ materially from those contained in any
forward-looking statement. Such factors include risks relating to
the stage of products under development; uncertainties relating to
clinical trials; dependence on third parties; future capital needs;
and risks relating to the commercialisation of the Company's
proposed products.
SOURCE QRxPharma Limited