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news.Global Health Ventures, a healthcare technology merchant bank, has signed a memorandum of understanding for the acquisition of an anti-obesity nasal drug product from Critical Pharmaceuticals, a biotechnology company.
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Under the terms of the agreement, Critical Pharmaceuticals licenses an anti-obesity drug product that they have developed using their patented technology known as CriticalSorb to Global Health Ventures on worldwide exclusive basis.
The parties plan to reach final agreement in the near future, subject to completion of some outstanding conditions. The entire financing for the project will be committed by Global Health Ventures; and Critical Pharmaceuticals will benefit from the marketing of the product through royalties, milestones and research contracts agreed by the two companies.
A different version of the drug is currently in the late stage of development with some major pharmaceutical companies, but Critical management believes its formulation is far more effective than the current formulation being tested.