PERTH, AUSTRALIA: SUDA Pharmaceuticals Ltd has entered into a fully-funded, feasibility study and option agreement with Laboratorios Ordesa, S.L., a Spanish pharmaceutical company that focuses on nutrition, health and well-being.
The two companies intend to co-develop a major consumer product for the paediatric market which SUDA anticipates will benefit from an improved patient delivery route and which could, potentially, also benefit from the OroMist technology superiority in speed of onset of action and less drug being required.
The feasibility study will be fully funded by Ordesa and SUDA will receive an upfront option fee of US$100,000. On the successful completion of the initial feasibility study, or as agreed by the parties, Ordesa may elect to expand the scope of work or to exercise its option for a full development of the product which is to be funded by Ordesa.
The two companies will negotiate a definitive agreement for the development, licence and supply of the product. All intellectual property from the feasibility study and the full development will be jointly owned, however, the trademark of the product will be the property of Laboratorios Ordesa.
SUDA and Ordesa will work together through joint committees to manage the development and the commercialisation of the product.
David Phillips, SUDA’s Executive Director of Business Development, commented: “This is a very exciting deal which combines the consumer marketing expertise of Ordesa with SUDA’s formulation spray technology and pharmaceutical partnering capability’’.