Innovate Pharmaceuticals, a privately held UK company, is seeking a global partner to license and market its liquid aspirin drug.
Innovate specialises in 'excipient engineering' and has developed the world's first 'shelf stable' truly liquid aspirin. Innovate's liquid aspirin enables faster and more complete absorption resulting in potentially drastic reductions in gastric side effects, the latter being the chief disadvantage of existing preparations of aspirin. The product's shelf stability and durability improves ease and convenience of use.
After an intensive five year program with Croda PLC, Innovate Pharmaceuticals has achieved its goal of producing a stable preparation of liquid aspirin. Other versions of so-called soluble aspirin are generally unstable suspensions containing particulate matter, which cause gastric irritation. Innovate's product is a true solution devoid of any particulate matter which is known to cause gastric irritation.
Innovate's CEO, Simon Cohen says: 'We are enormously proud of this ground-breaking work and look forward to the product coming to market. A significant proportion of potential aspirin users cannot tolerate its gastric side effects. Liquid aspirin will become the natural choice for this group and our product, as the only truly stable liquid aspirin, when commercialized, represents a USD 500m-a-year business to any potential licensing partner, with only a modest 15-20% of the addressable market.'
Innovate's CMO, practicing consultant physician Dr Jimmy Stuart says: 'this is the realisation of five years of very hard work. What we have developed some would regard as the 'holy grail' of Aspirin research. We want to get this product to the market as soon as possible so that many millions of patients can experience its benefits.'
Deloitte has been engaged to secure a strategic partnership to commercialise the opportunity. David Jones, a Partner at Deloitte said 'We are excited to work with Innovate Pharmaceuticals and assist in out-licencing their product'.
For further information please contact:
Simon Cohen
Chief Executive Officer
Innovate Pharmaceuticals
Tel: +4478 6654 4584