AlphaRx has received China patent for its topical platform technology – Vehicle For Topical Delivery of Anti-Inflammatory Compounds. The platform is an integral part of the company’s clinical stage product candidate, Indaflex.
Indaflex is AlphaRx’s topical NSAID (Non-Steroidal Anti-inflammatory Drug) formulation under clinical development, for the symptomatic treatment of osteoarthritis.
In April 2006, AlphaRx licensed the global rights (with the exception of Asia and Mexico) for Indaflex, to Proprius Pharmaceuticals.
Under the terms of the agreement, AlphaRx is eligible to receive milestone payments of up to $116m for the successful development and commercialization of Indaflex, as well as double-digit royalties on sales.
Michael Lee, president and CEO of AlphaRx, said: China represents a major opportunity for AlphaRx because of its huge and growing market for innovative therapeutics products. The granting of this patent from the Chinese government intellectual property authority helps protect our innovative drug delivery technology and further endorses our competitive position in China.