Innovata plc and Microdose regain rights to inhaled insulin from Bristol-Myers Squibb
07 Dec 2005
Innovata plc and Microdose regain rights to inhaled insulin from Bristol-Myers Squibb
Nottingham, UK, 7 December 2005 - Innovata plc (LSE: IOV) today announced the restructuring of the agreement between QDose, its joint venture with MicroDose Technologies Inc. (MicroDose), and Bristol-Myers Squibb Company (NYSE: BMY) relating to fast acting inhaled insulin. Bristol-Myers Squibb has decided to reallocate resources dedicated to QDose to other pipeline priorities and has transferred to QDose all rights to the product.
Since signing the agreement in September 2003, Bristol-Myers Squibb has made a significant investment in QDose's inhaled insulin programme, in particular in the design and development of a best-in-class inhaler device, development of blister form, fill and seal equipment, and the preparation for clinical studies, including scale-up of the manufacturing processes relating to the formulation.
As part of the revised agreement, Innovata, MicroDose and QDose will receive undisclosed payments from Bristol-Myers Squibb, which will share in certain future revenues generated by the QDose inhaled insulin product. In addition, all intellectual property rights, data, materials and know-how generated during the course of the collaboration will become the property of QDose.
Kieran Murphy, Chief Executive Officer of Innovata, said:
"In the last two years, the inhaled insulin programme has made substantial progress. When it became clear that the project may not be in line with Bristol-Myers Squibb's long-term strategic goals, it made sense for this current arrangement to be brought to a conclusion. We remain fully convinced of the product's potential and are confident that it will attract significant interest from prospective partners with strategic interests in the treatment of diabetes. In the meantime, QDose will continue to build on the progress achieved to date by completing preparations for an IND submission to the US Food and Drug Administration."
Contacts:
Innovata plc
Tel: 0115 974 474
Kieran Murphy, Chief Executive Officer
Financial Dynamics
Tel: 020 7831 3113
Sarah MacLeod
MicroDose Technologies, Inc.
Tel: +1 732 355 2100
Scott Fleming, Head of Marketing
Notes to Editors:
About Innovata plc
Innovata plc specialises in the development of pulmonary products for the treatment of respiratory disorders and other serious diseases. Using its proprietary dry powder inhaler and drug formulation technologies, Innovata plc has developed a substantial portfolio of 13 marketed and clinical-stage products and has partnered with a number of pharmaceutical companies including Baxter, Merck KGaA, Celltech (part of UCB) and Otsuka.
Innovata plc was formed in July 2005 when ML Laboratories PLC acquired Quadrant Technologies Limited. The Company has over 90 employees of whom 65 are engaged in research and development, mainly based at Innovata's headquarters in Ruddington, Nottingham, United Kingdom. The Company is listed on the London Stock Exchange under the symbol IOV.
About MicroDose Technologies
MicroDose Technologies, Inc., based in Monmouth Junction, New Jersey, is a leading privately-held drug delivery systems company, developing advanced pulmonary, fixed-dose combination oral dosage, and other technologies for the pharmaceutical and biotechnology industries. The MicroDose DPI is a handheld, low cost, breath activated device which utilizes piezo electronics to efficiently deliver a broad range of compounds independent of inhalation effort. MicroDose is co-developing, with the University of Pittsburgh, an inhaler for the systemic delivery of a nerve agent antidote from the U.S. Department of Defense, and has several collaborations ongoing with undisclosed major pharmaceutical partners in the respiratory market segment. In addition, MicroDose has internal development programs underway for combination oral dosage products in the areas of diabetes, hypertension and hyperlipidemia.
