WINNIPEG, Manitoba & ATLANTA--(BUSINESS WIRE)--Medicure, Inc. (TSXV:MPH)(OTC:MCUJF) and Carmel Biosciences, Inc. today announced a license agreement to develop and commercialize drugs for the treatment and management of cardiovascular diseases. Specifically, the collaboration will seek to further develop, market, and distribute Carmel’s lead compound, PREXXARTAN®.
The compound is the first of a class of orally-deliverable reformulation compounds that allow the administration of drugs in a stable oral solution form. Under terms of the agreement, Medicure obtains exclusive rights in the United States and territories to develop, manufacture and market PREXXARTAN® for a seven year term, with potential extensions to the term available. Medicure will pay to Carmel milestone payments on achievement of certain objectives from United States net sales revenues. In addition, Carmel will receive royalties on net sales of products resulting from the agreement. Further details of the agreement are not being disclosed.
“The licensing of PREXXARTAN® fits well with Medicure’s mission of being a significant cardiovascular specialty pharmaceutical company focused on the U.S. market,” commented Medicure’s President and CEO, Albert D. Friesen, PhD. “PREXXARTAN® will add to Medicure’s revenue in the near term and utilizes the current commercial infrastructure in place for AGGRASTAT® (tirofiban HCl).”
"As a specialty cardiovascular pharmaceutical company, Medicure is an outstanding and knowledgeable partner for the distribution and commercialization of products such as PREXXARTAN®," said Bobby V. Khan, M.D., Ph.D., Carmel founder and Executive Director. "We believe this partnership validates the potential of PREXXARTAN® and our platform to focus on an unmet need—to expand treatment options to patients with hypertension and other cardiovascular diseases."
About Carmel Biosciences
Carmel Biosciences, Inc. is a pharmaceutical company focused on development of small molecules for the management and treatment of cardiovascular diseases. The company is based in Atlanta, Georgia. For more information on Carmel Biosciences, please visit www.carmelbio.com. For more information on Medicure, please visit www.medicure.com.