Under the terms of the agreement, Mayne Pharma has the ability to appoint one person to HPPI's Board of Directors and is preparing to name a senior executive of Mayne Pharma to such position in the near future. Although the Supply and License Agreement is effective immediately, it remains subject to certain conditions being achieved. As part of the achievement of these conditions, Mayne Pharma is expected to acquire an equity stake in HPPI of between 30-45%.
"This is a milestone event for HPPI, and we are very pleased to be collaborating with an innovative developer and manufacturer such as Mayne Pharma" stated Nicholas J. Virca, HPPI's President and Chief Executive Officer.
"Our clinical strategy is to repurpose itraconazole as a potential treatment for cancer, and we believe that Mayne Pharma's patented formulation of itraconazole creates the potential to offer cancer patients the benefits of greater bioavailability of the active drug. In short, this agreement is more than just a supply agreement. It jumpstarts our business plan by giving us access to the key technology we need to progress our clinical development programs forward and, if ultimately approved by the FDA, market our anti-cancer therapies in the U.S. with exclusivity. We look forward to what we expect will be a long term and mutually beneficial collaboration with Mayne Pharma" concluded Mr. Virca.
Additional details regarding this agreement and the collaboration between HPPI and Mayne Pharma will
|SOURCE HedgePath Pharmaceuticals, Inc.|
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