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news.A drug development firm Cipher Pharmaceuticals has given US marketing, selling and distributing rights for CIP-TRAMADOL ER to Vertical Pharmaceuticals.
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CIP-TRAMADOL ER, an extended-release formulation of tramadol, is indicated for the treatment of moderate to moderately severe chronic pain in adults.
As per the terms of the agreement, Vertical is responsible to pay a sum of $0.5m along with additional payments up to $1m on first commercial sale of the product and royalty on net sales in the mid-teens.
Additionally, Vertical will also pay future payments of around $4m to Cipher which is contingent upon the achievement of certain sales milestones.
Cipher will take care of the supply and manufacturing of the product, which will be fulfilled by its partner, Galephar Pharmaceutical Research.
Vertical intends to roll out the product in Q3 2011 under the trade name ConZip.
Cipher president and CEO Larry Andrews said completing a commercial supply agreement for their extended-release tramadol represents another important achievement for their organization and provides an additional revenue stream to support their continued growth.