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news.ViroXis has signed a long-term exclusive license agreement with a global pharmaceutical company to market an over-the-counter (OTC) sandalwood oil-containing product.
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The deal includes a licensing fee, milestone payments and royalties based on product sales.
The company said that the pharmaceutical partner is dedicated to dermatology with an extensive product portfolio available in 80 countries.
The license deal anticipates worldwide commercialization of the OTC product, with an initial product launch in the US anticipated in early 2015.
ViroXis has completed an open label Phase II trial to support the launch of its OTC product, and a publication describing the study is in preparation.
ViroXis Corporation chief executive officer Ian Clements said the company has quickly emerged as a leader in the development of botanical drug products.
"The strong clinical and scientific focus of our botanical programs has created interest among strategic partners, as demonstrated by this global licensing deal we’ve signed for ourfirst OTC product," Clements said.
The company said that currently a second OTC product is pipeline.
ViroXis mainly develops and commercializes new, safe and effective prescription and over-the-counter botanical products for the treatment of viral skin conditions.