Under the terms of the agreement, PainReform will obtain exclusive North American rights to ETI-211 and will also obtain an option to expand the agreement to other countries including Japan and the EU.
Encore Therapeutics will receive an undisclosed upfront payment, and will also receive development and sales milestones, as well as royalties on sales. PainReform will be responsible for further development activities.
ETI-211, which is administered subdermally using Encore Therapeutics proprietary Phospholipid Gel technology, is currently in preclinical testing.
Dan Teleman, CEO of PainReform, said: “ETI-211 validates our business model that is focused on identifying, licensing and developing innovative formulations of pain therapeutics. We are actively looking to expand our pipeline with additional products that offer meaningful clinical benefits.”