Pursuant to the memorandum of understanding (MoU), Pharmaceutics International (PII) will promote the NexACT technology to its clients and may independently identify new product development opportunities for this collaboration with NexMed.
PII will be responsible for the R&D of the new pharmaceutical products with technical guidance and oversight from NexMed, and will also assume responsibility for clinical trial material manufacturing and commercial manufacturing of the new products.
Hem Pandya, COO of NexMed, said: “We are very pleased to enter into this collaboration with PII. The strategic goal is to broaden the promotion of our technology and permit us access to PII’s R&D and commercial manufacturing infrastructure. We will also be able to continue with our current product development efforts at significantly reduced monthly overhead expenses.”