Scolr Pharma, Inc. announced that it has entered into a collaboration and license agreement with Dr. Reddy's Laboratories, an emerging global pharmaceutical company. The parties will pursue the development and commercialisation of an undisclosed oral prescription drug with significant potential for the cardiopulmonary market utilizing Scolr Pharma's CDT technology.
Under the terms of the agreement, Dr. Reddy's will be responsible for the development, manufacturing and marketing of the drug product. Scolr Pharma will be responsible for the formulation and assisting with product scale-up activities. The agreement provides double digit participation in net profits for Scolr Pharma after recovery of development and commercialisation expenses associated with the potential product. Other financial terms of the agreement have not been disclosed.
"We are very pleased that Dr. Reddy's has chosen to establish a relationship with Scolr Pharma and has recognized the strength of our drug formulation platform. We hope that this is the first of several development targets suitable for future collaboration. Our research has demonstrated the applicability of our CDT technology to improve the release profile and increase the oral bioavailability of poorly soluble existing and new drug compounds. We believe that these capabilities address some of the greatest challenges the pharmaceutical industry faces for more effective oral delivery of pharmaceutical products. As a global pharmaceutical company with significant expertise in manufacturing, sales, marketing, and product commercialisation, Dr. Reddy's is a compelling and complementary development partner for Scolr, " said. Daniel O. Wilds, president and CEO, Scolr Pharma, Inc.
Based in Bellevue, Washington, Scolr Pharma, Inc. is a specialty pharmaceutical company. Scolr Pharma's corporate objective is to combine its formulation expertise and its patented CDT platform to develop novel pharmaceutical, over-the-counter (OTC), and nutritional products. Our CDT drug delivery platform is based on multiple issued and pending patents and other intellectual property for the programmed release or enhanced performance of active pharmaceutical ingredients and nutritional products.
Established in 1984, Dr. Reddy's Laboratories is an emerging global pharmaceutical company with proven research capabilities. The company is vertically integrated with a presence across the pharmaceutical value chain. It produces finished dosage forms, active pharmaceutical ingredients and biotechnology products and markets them globally, with focus on India, US, Europe and Russia. The company conducts research in the areas of diabetes, cardiovascular and cancer.