Canada's Paladin Labs has struck a deal on the development and commercialization of voclosporin, a next-generation calcineurin inhibitor that is Isotechnika's lead drug program. Voclosporin is being studied for psoriasis and transplants.
Paladin will pay Isotechnika $7 million in cash and an additional $4.35 million to advance the development program. Paladin gets commercialization rights in Canada, Mexico, Central & South America, Israel and South Africa. In addition, Paladin will own 19 percent of a new company called Isotechnika Pharma, a public company that will continue the development of voclosporin.
"With positive results from a recently completed Phase III trial in psoriasis, we intend to submit voclosporin for Canadian regulatory approval by the end of 2009," said Paladin CEO Jonathan Ross Goodman. "We believe voclosporin will find a profitable niche treating psoriasis patients, and we are excited by the much larger market opportunity for vocolosporin in the transplant indication."
"We are pleased to be able to secure capital in such a difficult market, while retaining the rights to market voclosporin in the largest, most strategic markets, including the U.S., Europe, Japan and Asia," said Isotechnika CEO Robert Foster. "With this improved capital position, we are better positioned to secure a global commercialization deal for voclosporin."
- check out the Paladin release