SAN DIEGO, Nov. 29 /PRNewswire/ -- Prometheus Laboratories Inc., a specialty pharmaceutical company today announced that it has entered into an exclusive license agreement to develop and commercialize COLAL-PRED(R) for gastrointestinal diseases or other applications in North America from Alizyme Therapeutics Limited, a wholly owned subsidiary of Alizyme plc. COLAL-PRED has a unique competitive profile based on Alizyme's proprietary COLAL(R) drug delivery technology which is designed to release a drug, in this case an anti- inflammatory steroid, in the colon to provide efficacy but without the undesirable side effects usually associated with the use of systemic steroids.
Under the terms of the agreement, Prometheus made an up-front payment which may be followed by additional payments on the successful achievement of future development milestones, including U.S. Food and Drug Administration (FDA) approval of the product. Prometheus will also sponsor substantially all of the clinical development costs for COLAL-PRED in North America and pay royalty rates which increase with higher annual net sales levels of COLAL-PRED. Subject to the successful completion of clinical trials, Prometheus anticipates that it will file a new drug application (NDA) with the FDA in 2011.
"We are delighted to partner with Prometheus in North America for the development and commercialization of COLAL-PRED," said Tim McCarthy, Alizyme's Chief Executive Officer. "As a leader in the provision of therapeutics and complementary diagnostics to gastrointestinal specialists throughout the United States, we believe Prometheus is uniquely positioned to maximize the commercial potential of COLAL-PRED. This partnership with Prometheus marks an important step in the commercialization of COLAL-PRED in North America in parallel with our own development and commercialization plans in Europe and the rest of the world."
"We are excited to have entered into this partnership with Alizy
|SOURCE Prometheus Laboratories Inc.|
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