20th Jul 2016 09:07
LONDON (Alliance News) - Oxford Pharmascience Group PLC on Wednesday said it has held discussions with several global over-the-counter pharmaceutical companies with the aim of securing a partnership deal for the OXPzero platform.
Oxford Pharmascience redevelops medicines to make them better, safer and easier to take. The OXPzero platform aims to mask the bitter taste and irritation of non-steroidal anti-inflammatory drugs ibuprofen and naproxen, and to provide reduced risk of gastrointestinal side effects.
Oxford Pharmascience said it has held discussions with OTC pharmaceutical companies with a strategic interest in the non-steroidal anti-inflammatory drug market, which have indicated that they would prefer to see the assets further developed and have more clarity on the regulatory pathway for the OTC product approval before committing to a partnership agreement.
As a result, the company is now considering the next steps in terms of development and regulatory work, and said it remains well-funded to do so.
Oxford Pharmascience shares were trading down 26% at 3.40 pence on Wednesday morning.
"While a platform licence deal is less likely in the near term, we believe the key benefits of our OXPzero Ibuprofen and OXPzero Naproxen compounds are now better understood in terms of their application across multiple differentiated products and categories. On-going partnership discussions involving the taste-masking benefits of the OXPZero technology have the potential to demonstrate commercial validation and Oxford Pharmascience will update shareholders on this and all material further developments in due course," Chief Executive Marcelo Bravo said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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