PETALUMA -- Amneal Enterprises, an affiliation of independent pharmaceutical marketing, discovery and development companies, and Petaluma-based Oculus Innovative Sciences, Inc. (Nasdaq: OCLS) today announced that Amneal alliance members have formed a broad multiyear collaboration with Oculus to realize the development and commercial potential of Oculus' Microcyn technology.
There are three key components to the collaboration.
AmDerma Pharmaceuticals, LLC, an Amneal alliance member, will pay Oculus $500,000 as a non-refundable initial payment as an option to license the Microcyn technology for an acne new drug application, with the option expiring June 30. Assuming execution of the option, the new acne drug will be the subject of a separate agreement for U.S. and European rights, with Oculus retaining rights to the rest of world, that will include undisclosed upfront, milestones and royalty payments.
Another Amneal alliance member, Quinnova Pharmaceuticals, Inc., has licensed, with a $500,000 prepayment and ongoing double-digit royalties, the U.S. and Canadian rights to Microcyn-based dermatology atopic dermatitis hydrogel that received FDA clearance this past week. Future Rx dermatology products will also be licensed for undisclosed upfront payments.
Bridgewater, N.J.-based Amneal will co-promote the current Rx Microcyn-based wound care products to podiatry professionals in the U.S. and Canada.
Hoji Alimi, CEO of Oculus, said, “This next-generation collaboration is an important milestone for Oculus. The breadth of the resources of the Amneal Enterprises alliance members -- encompassing multiple sites, nearly a thousand employees and hundreds of scientists — are complemented by their demonstrated ability to perform. In just a few short years, Amneal Pharmaceuticals, a member of the Amneal Enterprises alliance, has become the ninth largest provider of generic prescriptions in the United States as well as the fastest growing company in the highly competitive U.S. generics industry -- and also looking towards the development of new drugs. Together, we can advance towards realizing what we have always believed to be the extraordinary promise of Microcyn.”
Amneal Enterprises is a powerful alliance of independent businesses. Each company is strategically aligned based on its ability to bring significant value and tremendous growth potential to the group as well as each of its members.
Amneal Pharmaceuticals, LLC
Prolong Pharmaceuticals, LLC
AmDerma Pharmaceuticals, LLC
Quinnova Pharmaceuticals, Inc.
Kashiv Pharma, LLC
In this way, Amneal Enterprises continues to grow aggressively, yet intelligently, and in keeping with the group’s strategic plan.
Although each company operates independently, working together Amneal Enterprises can leverage value across the alliance for exponential advancement and more dynamic growth for each individual business. The venture is an excellent example of the whole being greater than the sum of its parts.
More than 15 million patients have symptoms of atopic dermatitis, characterized by itchy skin, which can lead to rash, redness, swelling, crusting and scaling. The disease affects up to 20 percent of infants and young children, who continue to have symptoms as adults with significant impact on their quality of life. The exact cause is unknown, but genetics are considered a key factor.
Radiation dermatitis is an unintended and often unavoidable skin reaction commonly experienced by patients receiving radiation therapy as part of their cancer treatment. This side effect, caused by radiation passing through skin cells, is often unpleasant and painful and may contribute to poor quality of life in cancer patients. In some cases, radiation dermatitis may become so severe as to necessitate interruption or cessation of radiation therapy. A wide variety of products have been used to treat radiation dermatitis with little or no evidence to support their use. Of total cancer patients, approximately 60 percent receive radiation treatment, and up to 95% of those are afflicted with radiation dermatitis.