PENNSAID - a topical NSAID - is indicated for the treatment of the signs and symptoms of osteoarthritis of the knee(s)
Nuvo Research Inc. (TSX: NRI), a 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 that PENNSAID(R) (diclofenac sodium topical solution) 1.5% w/w, is now available by prescription in U.S. pharmacies.
PENNSAID is a non-steroidal anti-inflammatory drug (NSAID) indicated for the treatment of the signs and symptoms of osteoarthritis of the knee(s). Nuvo's U.S. licensee, Mallinckrodt Inc., a Covidien (NYSE: COV) company, has now commenced U.S. commercialization activities for PENNSAID. Nuvo will receive royalties on net U.S. sales of PENNSAID at rates that are consistent with industry standards. Nuvo will also be eligible to receive sales milestone payments totaling up to US$100 million as U.S. annual sales levels are achieved.
Nuvo develops drug products delivered to and through the skin using its topical and transdermal drug delivery technologies. Covidien is the largest supplier of controlled pain medications in the United States based on number of prescriptions.
"Physicians in the United States now have a new alternative to help patients manage their signs and symptoms of osteoarthritis of the knee," said Dr. Brad Galer, President of Nuvo Research's Pain Group. "Covidien's commercial launch of PENNSAID in the U.S. is the culmination of our attainment of U.S. Food and Drug Administration approval, and the establishment of a strong collaboration with an exceptional sales and marketing organization in Covidien. The launch of PENNSAID in the U.S. should further strengthen Nuvo financially and support the Company's continued growth as a leader in the development of new pain medications."
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