Karolinska Development's portfolio company Pharmanest out-licenses Canadian rights for SHACT to Acerus
STOCKHOLM, May 31, 2018. Karolinska Development's portfolio company Pharmanest AB has announced that it has entered into an exclusive agreement with Acerus Pharmaceuticals Corporation pertaining to the commercialization of Pharmanest's gynecological pain relief product SHACT (Short Acting Lidocaine product) in Canada.
The license agreement gives Pharmanest right to upfront and regulatory milestone payments upon Acerus receiving market approval in Canada, as well as milestone payments based on achievement of certain sales targets. Pharmanest will oversee the manufacturing of SHACT and will receive a tiered supply price for the product comprised of a percentage on net sales of the product.
"We are extremely pleased to be partnering with Acerus Pharmaceuticals, an emerging Canadian leader in women's health. We believe they have all the expertise and infrastructure required to make SHACT a commercial success in Canada," said Helena Jansson, CEO of Pharmanest.
Acerus intends to file a new drug submission with Health Canada in the first half of 2019. If approved, Acerus Chief Operating Officer Tricia Symmes expect SHACT to be commercialized in the first half of 2020.
SHACT is a patented and proprietary formulation of lidocaine for mucosal topical pain relief, where the lead indication is the treatment of pain during placement of intrauterine birth control devices ("IUD"). In Canada, over 220 000 IUDs were inserted in the twelve months ending June 2017. The market for IUDs has been steadily increasing with double-digit annual growth as more women opt for that method of contraception.
For further information, please contact:
Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail: firstname.lastname@example.org
TO THE EDITORS
About Karolinska Development AB
Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patients' lives while providing an attractive return on investment to shareholders.
Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.
Karolinska Development has established a portfolio of nine companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.
The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.
For more information, please visit www.karolinskadevelopment.com
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Karolinska Development AB (publ) via Globenewswire
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