Expansion Based on Successful Results in Pre-clinical Model
MonoSol Rx makes Equity Investment in Midatech and its CFO to Join Midatech Board
Warren, NJ (June 23, 2010) – MonoSol Rx, the developer of PharmFilm® drug delivery technology, today announced the expansion of its agreement with Midatech Group (Oxford, UK) to develop nanoparticle-based proteins and peptides for therapeutic delivery utilizing pharmaceutical films. Under the terms of the expanded agreement, MonoSol Rx has made an equity investment in Midatech and Keith Kendall, Executive Vice President and Chief Financial Officer of MonoSol Rx, will join the Midatech Board of Directors.
Commenting on the agreement, A. Mark Schobel, President and CEO of MonoSol Rx, said “We have strengthened our collaboration with Midatech on the heels of positive data indicating the successful delivery of a 6000 dalton polypeptide in a pre-clinical model. Having demonstrated that the size and chemical composition of Midatech’s biocompatible nanocarriers are ideally suited for oral delivery using our PharmFilm® technology, we are continuing to jointly research and develop nanoparticle-based oral film formulations of certain peptides and proteins that are currently limited by their need to be injected or infused.”
Professor Tom Rademacher, Chairman of Midatech Group said, “We believe that MonoSol Rx’s PharmFilm®technology is a stable and effective vehicle for delivering a therapeutic dose of our peptide carrying nanoparticles buccally or sublingually for specific indications, thereby eliminating the need for injection or more invasive delivery. The synergy of our two technologies is particularly valuable in indications that can only be treated with injectables, as well as for certain proteins and peptides competing with small molecules for market share.”
Since 2008, MonoSol Rx and Midatech have been leveraging the self-assembling glyconanoparticle and PharmFilm® technologies to formulate large molecules for oral bioavailability on film. PharmFilm® formulations under the collaboration have the potential to provide an easy-to-use, noninvasive delivery alternative to many of today’s injectable and intravenous therapeutics.
Keith Kendall said, “The expansion of this agreement further solidifies the commitment between MonoSol Rx and Midatech. We also believe that our collaborations with Midatech will reap significant benefits as we work on our development initiatives and execute our plans to jointly file IP to protect the combination of our two technologies in the oral delivery of large molecules. I am looking forward to working more closely with Midatech to help create value for both companies”.
About MonoSol Rx
MonoSol Rx is a specialty pharmaceutical company leveraging its proprietary PharmFilm® technology to deliver unique proprietary pharmaceutical drug films. PharmFilm® is designed to benefit patients by improving the convenience, efficacy, and compliance of new and currently marketed drugs. The Company’s leadership in film drug delivery is supported by strong intellectual property, a portfolio of commercialized over-the-counter (OTC) drug products, and a development pipeline of prescription formulations based on PharmFilm® technology. With a vertically integrated development and production infrastructure, MonoSol Rx has the capacity to manufacture OTC drug products for near-term revenues that fund prescription product development programs that will generate long-term value.
The Company’s commercialization strategy for all PharmFilm® products is to partner with the innovator, other specialty pharma or leading consumer products companies that can sell-in and manage product sales and marketing. For existing and future partners, PharmFilm® formulations represent revenue-life cycle extensions for products with patent lives that have expired or are approaching expiration. PharmFilm® is also a tool to help sales and marketing partners differentiate in competitive markets while offering unique advantages over drugs dosed by traditional tablets, capsules and orally disintegrating tablets (ODTs).
The Ruth Group (on behalf of MonoSol Rx):
Jason Rando (media)
Sara Pellegrino (investors)
Chief Financial Officer