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news.Paladin Labs subsidiary, Squire Pharmaceuticals, and Nuvo Research have entered into an agreement which expands their relationship with respect to the sale and marketing of Nuvo's osteoarthritis treatment Pennsaid in Canada.
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The terms of this expanded agreement include Squire making an up-front payment, providing on-going royalties on the sale of Pennsaid and making an investment of $500,000 in Nuvo. Squire Pharmaceuticals was acquired by Paladin from Nuvo in August 2005.
“This transaction provides non-dilutive funding for our operations, including our drug development program, to mid-2006 when we plan to submit our amended new drug application for Pennsaid to the FDA,” said John London, Nuvo’s vice chairman.
Pennsaid is a topical non-steroidal anti-inflammatory (NSAID) solution used for the treatment of osteoarthritis and is currently approved for sale in Canada and several European countries. Pennsaid allows diclofenac solution to be delivered to a specific site via the surface of the skin and thus avoids complications associated with systemic delivery.
Clinical trials have suggested that Pennsaid is as effective as the maximum daily dose of comparable oral medication at relieving pain and stiffness associated with osteoarthritis of the knee, as well as improving overall well-being. There is currently no topical NSAID product approved in the US, which represents a $6.5 billion osteoarthritis pain relief market.