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news.Nuvo Research and Paladin Labs have signed a Canadian license and supply agreement for Synera a topical patch that combines lidocaine, tetracaine and heat.
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Synera uses Nuvo’s Controlled Heat Assisted Drug Delivery (CHADD) technology.
As per the terms of the agreements, Nuvo will receive a double digit royalty on net sales of Synera in Canada and will supply Synera to Paladin.
Nuvo chairman and Co-CEO Dan Chicoine said, "In addition, the loan provides Nuvo with non-dilutive financing to continue to execute on its strategy of becoming a profitable specialty pharmaceutical company focused on the treatment of pain."
Paladin has also agreed to loan Nuvo $8m in two equal tranches of $4m each, bearing interest at a rate of 15% per annum and matures on 25 May 2016.
The first tranche has been advanced on closing and the second tranche can be drawn by Nuvo, at its option, upon the achievement of predefined milestones.