The development contract will have an initial extendable term of one year and provide a dedicated team of scientists from Cirrus Pharmaceuticals. The relationship has been established to generate new products based on reformulating existing specific generic and proprietary drugs and their delivery utilizing BioSilicon.
If such new reformulations or delivery demonstrate improved efficacy, safety and/or compliance as compared to the original product, pSivida will be able to claim patent protection on the new products.
“This new collaboration represents a further significant commitment and investment by pSivida in the core area of our business which leverages a critical US-based, FDA-experienced development resource,” commented Gavin Rezos, managing director of pSivida.
In other news, pSivida is currently in negotiations to acquire a US-based drug delivery company with the potential to create a global drug delivery company specializing in nanotechnology. pSivida expects to be able to provide full details on the acquisition within the next few weeks, when a formal acquisition agreement may be concluded, subject to shareholder approvals.