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news.Santalis Pharmaceuticals a joint venture with TFS of Australia has executed an exclusive license agreement with an un-disclosed global pharmaceutical firm for the marketing of a number of over-the-counter (OTC) dermatology products containing TFS’ sustainably cultivated, pharmaceutical-grade East Indian Sandalwood Oil (EISO).
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The pharmaceutical partner is dedicated to dermatology with an extensive product portfolio available in 80 countries.
The long-term license deal, which provides for upfront and milestone payments and royalties based on product sales, anticipates worldwide commercialization of the OTC products, with an initial product launch in the US expected at the end of 2014.
Apart from its OTC products, Santalis is also developing a range of prescription drug candidates.
Santalis’ first prescription drug candidate, a topical formulation of EISO to treat pediatric eczema, is scheduled to enter the clinic in the US in early 2015.
Santalis CEO Paul Castella said the agreement is an important milestone for the company’s product and clinical development program, and has been achieved just three years into our joint venture with TFS.
"The quality of our pharmaceutical partner, their longstanding dedication to patient wellbeing, and their ambitions for the products in the marketplace are a testament to the efficacy and clinical benefit of sustainable sandalwood oil-based products in the treatment of important dermatological conditions," Castella said.
TFS CEO Frank Wilson said Santalis’ agreement with a leading pharmaceutical partner is the first of many such product opportunities, and validates the value of EISO as a natural ingredient in the rapidly expanding global market for dermatology, which is currently estimated to exceed $20bn.
"Our long term, exclusive supply agreement with Santalis was pivotal to their ability to secure the commitment of a world-class partner," Wilson said.
Santalis is a 50:50 joint venture with TFS and focused in developing scientifically and clinically validated healthcare products that use TFS’ cultivated, sustainable, pharmaceutical-grade EISO.