Innovata plc announces new respiratory collaboration for combination asthma therapy
07 Dec 2005
Innovata plc announces new respiratory collaboration for combination asthma therapy
Agreement to generate in excess of £25 million in milestones and development funding
Nottingham, UK, 7 December 2005 - Innovata plc (LSE: IOV), the pulmonary product company, announced today that it has signed a second agreement with an undisclosed pharmaceutical company for the development of a combination asthma therapy in its novel Duohaler®, formerly known as the C200 inhaler.
Under the terms of the agreement, Innovata will develop a combination therapy based on two well-known, generic asthma treatments in collaboration with its pharmaceutical company partner. In return, Innovata will receive development funding and milestone payments in excess of £25 million in addition to rising royalties on product sales. The agreement covers Europe and certain other countries, with Innovata retaining rights for the combination product in the US and Japan.
Combination therapy for asthma is the biggest and fastest growing sector of the asthma market, with global annual sales currently exceeding $6 billion and European annual sales estimated at approximately $1.5 billion.
Innovata's patented Duohaler® is designed to deliver two drugs together, in the same breath, from separate reservoirs. This concept allows for flexibility in the formulation of each active ingredient and enables Innovata to further expand its portfolio of formulations which can be tailored to fit with new chemical entities from its partners' research and development programmes.
Kieran Murphy, Chief Executive Officer of Innovata, commented:
"The agreement announced today represents a major step forward for Innovata being the second deal for our unique Duohaler technology. Not only does it demonstrate Innovata's consistently successful innovation in pulmonary delivery but it is also proof of the added value in formulation and product development we can now offer our partners."
Contacts:
Innovata plc
Tel: 0115 974 474
Kieran Murphy, Chief Executive Officer
Paul Ballington, Director of Commercial Operations
Financial Dynamics
Tel: 020 7831 3113
Sarah MacLeod
About Innovata plc
Innovata plc specialises in the development of pulmonary products for the treatment of respiratory disorders and other serious diseases. Using its proprietary dry powder inhaler and drug formulation technologies, Innovata plc has developed a substantial portfolio of 13 marketed and clinical-stage products and has partnered with a number of pharmaceutical companies including Baxter, Merck KGaA, Celltech (part of UCB) and Otsuka.
Innovata plc was formed in July 2005 when ML Laboratories PLC acquired Quadrant Technologies Limited. The Company has over 90 employees of whom 65 are engaged in research and development, mainly based at Innovata's headquarters in Ruddington, Nottingham, United Kingdom. The Company is listed on the London Stock Exchange under the symbol IOV.
