NexMed, Inc., a New Jersey based pharmaceutical and medical technology company, will receive $3.5 million from Swiss pharmaceutical giant Novaris, for fulfilling patent and enrollment milestones as part of a product agreement originally signed in 2005. NexMed announced today that they have received a Notice of Allowance from the patent office for its patent application entitled “Antifungal Nail Coat and Method of Use”. A Notice of Allowance indicates that all the basic steps of a patent application process are completed.
The patent is for a topical application of terbinafine formulated with NexACT® for the treatment of onychomycosis, a fungal infection of fingernails or toenails. NexACT is the company’s transdermal drug delivery technology. Under the agreement, development, production, and commercialization of the new product will be handled by Novaris.
NexMed CFO, Mark Westgate, commented, “In addition to the $2 million patent milestone, NexMed will also receive $1.5 million from Novartis for the remaining 50% of the patient enrollment milestone. This $3.5 million contractual payment will significantly strengthen our cash reserves.”
NexMed, Inc. is leveraging its proprietary NexACT drug delivery technology to develop innovative topical pharmaceutical products. NexACT is NexMed’s principal product technology, designed to enhance the absorption of drugs through the skin. According to the company, the patented NexACT technology utilizes new biodegradable ingredients that are especially effective in overcoming the skin’s natural barrier properties, allowing rapid penetration of drugs directly through the skin and mucous membranes. Current products include Vitaros® for erectile dysfunction and Femprox® for female sexual arousal disorder, both considered multi-billion dollar markets.
Since the NexACT technology can be applied to a wide range of drugs, the future potential is significant. A large number of drug products are coming off patent between 2008 and 2015, and this represents a significant opportunity for converting some of those products from injectable or oral dosage forms into topical forms for better patient compliance and added therapeutic benefit.
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