AlphaRx has entered into an exclusive collaboration and licensing agreement with Riso Pharma Tech for the development of ARX606T, an early stage product candidate intended for wound treatment.
As per the agreement, AlphaRx will give Riso global rights (with the exception of Asia) of ARX606T, which makes use of AlphaRx’s proprietary formulation technology to deliver a safe and well known growth factor topically to patients with severe wounds and ulcers.
The company said that AlphaRx will earn a double digit royalty on future sales of ARX606T in all countries covered by the agreement and Riso will be responsible for all clinical development and commercialisation activities.
Michael Lee, president and CEO of AlphaRx, said: “Earlier this year we set ourselves the goal of securing research collaborations to fund our research activities. In August we announced a collaboration with Venturepharm and today we are delighted to announce this licensing agreement with Riso Pharma.
“The licensing agreement is in line with our early-stage partnering business strategy which not only reduces development costs but also allows the company to earn significant revenues from successful product commercialisation.”