Under the terms of the agreement, RxElite will be responsible for the exclusive US supply of active pharmaceutical ingredient to be used in the manufacture of the generic ophthalmic product.
The active pharmaceutical ingredient will be manufactured by RxElite’s wholly owned subsidiary, FineTech Pharmaceuticals, at their production facility in Nesher, Israel.
Hi-Tech Pharmacal will be responsible for the development of the finished dose formulation, regulatory filing, and manufacturing, as well as marketing the ophthalmic product. Upon commercialization, the parties will share net proceeds from the sale of the product.
Rick Schindewolf, senior vice president of business development at RxElite, said: “This partnership reflects RxElite’s continued drive to realize value from our acquisition of FineTech and its rich product portfolio. We look forward to working closely with Hi-Tech Pharmacal on this project and future projects.”