Nuvo Research Inc. (TSX: NRI), a Canadian drug development company focused on the research and development of drug products that are delivered to and through the skin using its topical and transdermal drug delivery technologies, and on the development of its immune modulating drug candidate WF10, today announced a new licensing agreement for Oxoferin(TM), its topical wound healing agent, and additional details of the funding assistance to be provided by the Development Bank of Saxony for the development of WF10.
Nuvo's German subsidiary Dimethaid GmbH entered into an exclusive license agreement with Ranbaxy Laboratories Limited ("Ranbaxy") for the supply and distribution of Oxoferin in Malaysia, Cambodia, Philippines, Vietnam, Myanmar and Singapore. Under the terms of the agreement, Nuvo will manufacture and supply Oxoferin to Ranbaxy, India's largest pharmaceutical company. Ranbaxy will be responsible for obtaining regulatory approval in the licensed territories and has committed to minimum annual purchase quantities once approved.
As previously disclosed, the Development Bank of Saxony in Germany ("SAB") expanded its financial support for Nuvo's co-operative drug development project with the Fraunhofer Institute of Cell Therapy and Immunology IZI to include pre-clinical and early clinical development of WF10 as a treatment for Rheumatoid Arthritis. This support is in addition to the SAB's financial support for the ongoing pre-clinical and clinical development of WF10 as a treatment for Allergic Rhinitis.
In aggregate, the SAB has now committed to provide funding over a three-year period of approximately $3.5 million towards the $6 million estimated cost of these two development projects that are being conducted in Leipzig, Germany by Nuvo Research GmbH, a Nuvo subsidiary.
"These agreements provide further evidence of the potential for WF10," said Henrich Guntermann, President and Chief Executive Officer of Nuvo Research. "Additionally, the financial support allows us to move our drug development pipeline forward more expeditiously."
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