MONTREAL, CANADA--(Marketwired - Aug. 12, 2014) - Knight Therapeutics Inc. (TSX:GUD) ("Knight"), a leading Canadian specialty pharmaceutical company, announced today that it has entered into an arrangement with a global investment banking firm to sell its neglected tropical disease Priority Review Voucher ("PRV"). The arrangement is effective August 18, 2014.
Developed by the U.S. FDA in 2007, a PRV is an incentive for companies to invest in new drugs and vaccines for neglected tropical diseases, and since 2012, a similar incentive exists for rare pediatric diseases. A priority review means that the FDA new drug application target review time is reduced to 6 months rather than the standard of 10 months. The PRV is transferable and can be sold and entitles the bearer to a priority review for any product. To date, only four companies have received a PRV. A voucher, which was obtained through the rare pediatric disease program, has recently been sold for USD$67.5 million.
"We now have one data point on the voucher's value and remain the only company with a voucher who has publicly stated an intention to sell it. A big pharma may want our voucher if they are behind in a race to market and want to catch up or if they are ahead in a race and don't want their competitor to hop on a faster bus," said Jonathan Ross Goodman, President and CEO of Knight. "We hope to be the next to sell a Priority Review Voucher and would like to set the bar high to encourage others to invest in R&D for neglected tropical diseases."
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and world markets. Knight Therapeutics' shares began trading on the TSX-V on March 3, 2014 and graduated to the TSX on April 29, 2014 under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at www.gud-knight.com or at www.sedar.com.
Knight Therapeutics Forward Looking Statement
This press release may contain forward-looking statements and predictions. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of the company and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations, are discussed in the company's final application for listing on the TSX Venture Exchange and in two short form prospectuses which can be found on SEDAR at www.sedar.com, which investors should consult for additional information. The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events and except as required by law.