PRINCETON, N.J. & CINCINNATI, OH--(BUSINESS WIRE)--Adare Pharmaceuticals, Inc. and the Cincinnati Children's Hospital Medical Center today announced that they are partnering together on an Innovation Fund, which will focus on optimizing and reformulating medicines to better meet the needs of children. This collaboration leverages the experience of Cincinnati Children's, a leading pediatric research and clinical care center, with Adare's expertise in providing enhanced medicines that create new possibilities for improved patient care.
"We have a strong track record of identifying opportunities to transform medicines that provide new options for patients, including those for the pediatric population," said John Fraher, President and CEO of Adare Pharmaceuticals. "Collaborations like these drive innovation, and we look forward to working with Cincinnati Children's to bring better options to infants and children, who have a special set of needs."
"We are pleased to partner with Adare Pharmaceuticals, a leader in drug development and optimization to identify and advance improved treatments for our patients," said Margaret Hostetter, MD, chair of pediatrics and director, Cincinnati Children's Research Foundation.
The Adare Drug Optimization and Repurposing Innovation Fund is part of Cincinnati Children's broader initiative, which sponsors promising research projects across all therapeutic areas and types of technology. The goal of Adare's fund is to support projects that have the potential to bring new formulations of medicines to children, including making them easier to administer. Adare has successfully developed alternative dosage forms for the pediatric population that are on the market. These include ZENPEP® for the treatment of exocrine pancreatic insufficiency due to cystic fibrosis or other conditions, and VIREAD® for the treatment of HIV-1 infection, as part of a combination therapy.
Under the terms of the agreement, Adare will have the opportunity to sponsor select research programs submitted to Cincinnati Children's annual Innovation Fund, with members of Adare being part of the review committee. The selected research programs will receive funding commensurate with development needs, based on projects reaching specific milestones. Following the completion of the research programs, Adare will have an exclusive option to enter into a licensing agreement for these programs.
Upon entering into any subsequent licensing agreement, Cincinnati Children's will be eligible to receive certain milestone payments, as well as royalties on product sales from Adare. Adare will have the primary responsibility for further clinical development and commercialization of products arising from the collaboration. The partnership and Innovation Fund are managed by Cincinnati Children's Center for Technology Commercialization.
About Adare Pharmaceuticals
Adare Pharmaceuticals provides enhanced medicines, creating new possibilities for improved patient health. For decades, the company has solved complex formulation, manufacturing and commercialization challenges, resulting in transformational medicines that deliver value to all its stakeholders. Adare Pharmaceuticals has a global presence with R&D, manufacturing and commercial operations in the Unites States, Europe and Canada. For more information, visit www.adarepharma.com.
About Cincinnati Children's
Cincinnati Children's Hospital Medical Center ranks third in the nation among all Honor Roll hospitals in U.S. News and World Report's 2014 Best Children's Hospitals. It is also ranked in the top 10 for all 10 pediatric specialties. Cincinnati Children's, a non-profit organization, is one of the top three recipients of pediatric research grants from the National Institutes of Health, and a research and teaching affiliate of the University of Cincinnati College of Medicine. The medical center is internationally recognized for improving child health and transforming delivery of care through fully integrated, globally recognized research, education and innovation. Additional information can be found at www.cincinnatichildrens.org. Connect on the Cincinnati Children's blog, via Facebook and on Twitter.
ZENPEP® is a registered trademark of Aptalis Pharma Ltd.
VIREAD® is a registered trademark of Gilead Sciences, Inc.
Contacts
Media:
Adare Pharmaceuticals
Meghan Flanagan, 212-798-9863
[email protected]
or
Cincinnati Children's
Mike Pistone, 814-403-7218
[email protected]