Nuvo Research’s German subsidiary Dimethaid has entered into a new licensing agreement with Ranbaxy for Oxoferin. The company has also reported an additional funding assistance, which willbe provided by the Development Bank of Saxony (SAB) for the development of WF10.
The licensing agreement includes, supply and distribution of Oxoferin in Malaysia, Cambodia, Philippines, Vietnam, Myanmar and Singapore. Under the terms of the agreement, Nuvo will manufacture and supply Oxoferin to Ranbaxy. Ranbaxy will be responsible for obtaining regulatory approval in the licensed territories and has committed to minimum annual purchase quantities once approved.
Furthermore, SAB expanded its financial support for Nuvo’s co-operative drug development project with the Fraunhofer Institute of Cell Therapy and Immunology IZI to include pre-clinical and early clinical development of WF10 as a treatment for rheumatoid arthritis. This support is in addition to the SAB’s financial support for the ongoing pre-clinical and clinical development of WF10 as a treatment for allergic rhinitis.
SAB will now provide funding over a three-year period of approximately $3.5m towards the $6m estimated cost of these two development projects that are being conducted in Leipzig, Germany by Nuvo Research.
Henrich Guntermann, president and chief executive officer of Nuvo Research, said: “These agreements provide further evidence of the potential for WF10. Additionally, the financial support allows us to move our drug development pipeline forward more expeditiously.”