Pharmos Licenses Ophthalmic Formulation to Senju Pharmaceutical Co. in Japan Agreement Covers Japan, Korea and Australia
ISELIN, N.J., Aug. 29 /PRNewswire/ -- Pharmos Corporation (Nasdaq: PARS; Easdaq: PHRM) announced today that it has entered into a licensing agreement with Senju Pharmaceutical Co., Ltd. of Osaka, Japan, granting Senju certain rights to Pharmos' formulation patent for loteprednol etabonate (LE). Under the terms of the agreement, Pharmos will receive single-digit royalties on product revenues and, together with a prior agreement to provide certain research information, net fees totalling $400,000. Under the license terms, Senju may commercialize LE using Pharmos' ophthalmic formulation in Japan, Korea and Australia, countries in which its formulation patent is effective. The duration of the agreement is fixed on a country-by-country basis.
``This agreement demonstrates the global interest in the LE product line, the formulation for which was developed by Pharmos' drug delivery team,'' said Gad Riesenfeld, Ph.D., Pharmos' President and COO. Senju is the second largest ophthalmic pharmaceutical company in Japan.
Lotemax® (0.5% LE suspension), an ophthalmic anti-inflammatory and Alrex® (0.2% LE suspension), an anti-allergy product, both of which contain LE as the active ingredient, are marketed in the U.S. under an agreement between Pharmos and Bausch & Lomb Pharmaceuticals, a division of Bausch & Lomb Incorporated (NYSE: BOL - news). According to IMS Health statistics, Lotemax is the number-one dispensed branded ophthalmic steroid in new prescriptions in the U.S. During July 2000, Lotemax captured an 11.5% share of new prescriptions by ophthalmologists, while Alrex attained a 9.5% share of its market.
Product sales under the agreement with Senju will commence after Senju completes clinical studies and receives approval in the targeted territories.
Pharmos Corporation is a bio-pharmaceutical company that develops and commercializes products for the central nervous system, peripheral nervous system, ophthalmic, oncologic, and other key healthcare markets. Pharmos uses advanced methods of drug design, combinatorial chemistry, screening tools and drug delivery to invent new and to improve existing therapeutic compounds. Pharmos' proprietary technologies have resulted in products that have increased efficacy and/or reduced side effects relative to their precursors and to competing products. |
