Durect Corporation announced that Alza Corporation, has exercised its option to allow Alza and Janssen Pharmaceutica Products L.P., the right to begin negotiations for exclusive sales and marketing rights to Durect's lead pain management product, Chronogesic for the U.S. and Canada. Chronogesic is intended to treat patients with stable, opioid responsive chronic pain.
Under the revised terms of the option agreed to by Alza and Durect, Durect and Janssen will engage in negotiations for a defined period of time towards an agreement for the commercialization of Chronogesic in the United States and Canada. All commercialization rights will revert to Durect should the parties not reach an agreement after such exclusive period of negotiations.
"We are pleased with the interest that Alza and Janssen have shown in the marketing opportunity of Chronogesic. We at Durect believe that, Chronogesic may represent a tremendous opportunity for physicians and patients with chronic pain," said James Brown, CEO of Durect.
As previously announced by Durect's management, Alza and Janssen continue to evaluate the commercial potential and product attributes of Chronogesic since the completion of Durect's Phase II clinical trials for that product. Durect recently announced completion of patient enrollment and treatment in a pilot Phase III clinical trial and expects to initiate pivotal Phase III registration trials next year.