Hi-Tech Pharmacal, Co., Inc. has entered into an agreement with Victory Pharma, Inc. to market Naprelan in the United States. Naprelan extended release tablets is a non-steroidal anti-inflammatory, licensed by Hi-Tech from Elan Pharmaceuticals, Inc.
Victory, based in San Diego, CA, will promote Naprelan directly to physicians through its sales and marketing force. Hi-Tech concurrently terminated the marketing and distribution agreement with Blansett Pharmacal, its previous marketing partner.
Additionally, Hi-Tech has signed an agreement to sell Naprelan to Victory Pharma subject to the satisfaction of certain conditions by both parties. If these conditions are met, the closing of this sale is expected to be effective in the company's fiscal fourth quarter. A portion of the proceeds of this transaction would be shared with Stat-Trade Inc., Hi-Tech's current business partner on Naprelan.
Naprelan is a non-steroidal anti-inflammatory agent that has been specially formulated using Elan's patented IPDAS (Intestinal Protective Drug Absorption System) technology. Naprelan offers the convenience of once-daily dosing and is indicated for the treatment of rheumatoid arthritis, osteoarthritis, ankylosing, spondylitis, tendonitis, bursitis, acute gout, primary dysmenorrhoea, and mild to moderate pain.
Commenting on the agreement, David Seltzer, president and CEO of Hi-Tech said, "We believe that this marketing agreement and the potential sale will help us maximize the value of the Naprelan brand to Hi-Tech. Licensing the rights to Naprelan and ultimately selling the asset enables us to focus on our core businesses, generic pharmaceuticals and branded OTC products. Our concentration in these areas will result in the long-term growth of the company."
Hi-Tech is a specialty pharmaceutical company developing, manufacturing and marketing branded and generic products. The company specializes in difficult to manufacture liquid and semi-solid dosage forms and produces a range of sterile ophthalmic, otic and inhalation products.
Victory Pharma, Inc. is a private San Diego based specialty pharmaceutical company focused on acquiring, marketing and developing proprietary late stage pain and related products.