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news.Proprius Pharmaceuticals is to pay up to $117 million for exclusive global rights to Indaflex, a topical osteoarthritis cream developed by emerging biopharmaceutical company AlphaRx.
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Indaflex is currently in phase II clinical development in Canada for the treatment of osteoarthritis. The cream makes use of AlphaRx’ formulation technology to deliver the active ingredient, indomethacin, through the skin and directly to the soft tissue surrounding the joint.
In addition to Indaflex, the agreement gives Proprius rights to successor products and to all other topical non-steroidal anti-inflammatory drug (NSAID) products developed by AlphaRx.
Under the terms of the agreement, AlphaRx will receive an up-front payment of $1 million and will be eligible to receive additional milestone payments of up to $116 million for the successful development and commercialization of Indaflex, as well as double-digit royalties on worldwide sales. In addition, Proprius will assume future clinical development costs.
“Given the adverse event profiles of oral NSAIDs and COX-2 inhibitors, and the withdrawals of rofecoxib and valdecoxib from the market, we believe Indaflex has the potential to fill a significant unmet clinical need,” said Michael Walsh, president and CEO of Proprius.