Sigmoid Enters a Licence Agreement with PENDOPHARM for Commercialisation Rights to Cycol® in CanadaPrint
- SIGMOID and PENDOPHARM entered into an exclusive licence agreement to commercialise CyCol® for ulcerative colitis in Canada
- PENDOPHARM has made an up-front investment of EUR 5 million in SIGMOID in connection with the signing of the licence agreement
- SIGMOID to receive upfront payments, development, regulatory and sales milestones plus significant double-digit tiered royalties under the licence agreement
Dublin (Ireland), 29 September 2014 – SIGMOID PHARMA LIMITED, a privately-owned, specialty pharmaceutical and drug delivery technology company registered in Ireland, and PENDOPHARM, a division of Pharmascience Inc., headquartered in Montreal, Canada, have entered into agreements concerning a licence for exclusive rights to commercialise CyCol® in the Canadian market and an equity investment in SIGMOID.
Under the licence agreement, SIGMOID has received an upfront payment and will be eligible for future milestone payments in addition to significant double-digit, tiered royalties on net sales in Canada. Pursuant to the licence agreement, PENDOPHARM has invested EUR 5 million in SIGMOID at a premium to the most recent fundraising in 2014. The investment will support the advancement of CyCol® into Phase 3 clinical trials; mainly the scale up of SIGMOID’s manufacturing process for CyCol® and the underlying SmPill® drug delivery technology. David Goodman, CEO of Pharmascience Inc. will join the SIGMOID board of directors.
Dr Ivan S. Coulter, CEO and Founder of SIGMOID, commented: “We are delighted to enter into this important collaboration with PENDOPHARM. I welcome David to the board and look forward to the expertise and insight he brings. We believe CyCol® has significant potential to treat unmet clinical needs in ulcerative colitis and that PENDOPHARM, through its existing and growing franchise in the GI therapeutic area, is strongly positioned to maximise the potential of our lead product in Canada. We are confident that this licence agreement will be the first of a number of important strategic collaborations to be announced in relation not only to CyCol®, but also to the broadly-applicable SmPill® drug delivery technology.”
Dr David Goodman, CEO of Pharmascience Inc. added: “We are very pleased to be working with Sigmoid to bring CyCol® to Canada. CyCol® is a strategic fit with our GI franchise, and brings another innovative product to the PENDOPHARM portfolio with attractive therapeutic benefits for patients.”
CyCol® is SIGMOID’s proprietary oral formulation of solubilised cyclosporine targeted to the site of disease in the colon. CyCol® offers potential for a new, safe and effective approach to treat and manage ulcerative colitis. Sigmoid has completed a number of clinical trials evaluating CyCol® in healthy volunteers and ulcerative colitis patients and plans to advance CyCol® into Phase 3 studies to provide a unique orally-administered alternative within the existing range of ulcerative colitis treatments.
Sigmoid Pharma Limited is a privately-funded, development-stage, specialty pharmaceutical and drug delivery company. SIGMOID was founded in 2003, and has developed a unique oral drug delivery technology, SmPill®, with broad applicability to the challenges of formulating active pharmaceutical ingredients. SIGMOID has built a pipeline of therapeutic product candidates, including its lead product, CyCol® for moderate to severe ulcerative colitis, CyCron® for Crohn’s Disease, and AlloCol®, which has been orphan designated by the FDA for the prevention and treatment of Graft versus Host Disease. SIGMOID is advancing a number of oral vaccine candidates in collaboration with international antigen and adjuvant companies. For additional information please visit www.sigmoidpharma.com
About PENDOPHARM, a Division of Pharmascience Inc.
PENDOPHARM is a division of Pharmascience Inc., a Canadian privately-owned company. Established in 1983, Pharmascience Inc. is Canada’s 10th largest pharmaceutical company, with a highly-skilled workforce of 1,400 people. Pharmascience commercializes over 400 products, including branded prescription, OTC and BTC products as well as generic products in Canada and with its affiliates and distributors in over 60 countries worldwide.
Strategically committed to growth, PENDOPHARM is actively engaged in licensing, partnering, developing and marketing late-stage specialty prescription medicines as well as consumer brands.
SOURCE Sigmoid Pharma Limited
For further information:
Rosemarie Tully, Chief Business Officer, Sigmoid Pharma at +353 1 7007511 or e-mail: email@example.com
Senior Director, Marketing
PENDOPHARM, a division of Pharmascience Inc.
6111, Royalmount Avenue, Suite 100
Montreal, Quebec H4P 2T4, Canada
Phone: +1 514 340 9800