Updated on 2 May 2016
Australian biotechnology company, Phosphagenics Limited has signed a license option agreement for its TPM/Oxymorphone patch and also a strategic research and development (R&D) alliance for three additional pharmaceutical products with one of Japan's largest healthcare companies and a member of the Nikkei 225.
The undisclosed Japanese healthcare company has entered into an agreement for an exclusive 6-month option to obtain an exclusive license to Phosphagenics' TPM/Oxymorphone patch in Japan.
Under the terms of the agreement, Phosphagenics will receive an upfront option payment and the Japanese company will undertake, at its own expense, pre-specified activities to confirm the development path and commercial opportunity for the product in Japan.
If the option is exercised and the companies enter into an exclusive license agreement, Phosphagenics expects to receive a licensing fee, payments upon the achievement of certain milestones, and royalties on commercial sales of the TPM/Oxymorphone patch in Japan.
As part of the R&D alliance, the companies have also agreed to collaborate on the global development of three additional pharmaceutical products leveraging Phosphagenics' proprietary TPM technology: a TPM/Propofol injection, building on the prototype already developed at Phosphagenics, and two additional novel TPM containing pharmaceutical products.