HepaLife Technologies, based in New York, is launching a new subsidiary that will take advantage of the transdermal drug delivery technology it acquired when it bought AquaMed Technologies in May. Aquamed's former CEO, Matt Harriton, was named chief executive of the new company, Alliqua BioMedical.
HepaLife, which develops drug delivery and liver-health technologies, said in a release that Alliqua will develop its own proprietary products using HepaLife's technology portfolio. In addition, Alliqua will pursue more projects in transdermal drug delivery and advanced wound care.
Alliqua's and HepaLife's prized technology is Aquamed's hydrogel platform, which is designed to deliver drugs through the skin. It uses a proprietary manufacturing technology that is not described in great detail other than to say that it produces what is known in the health-care industry as high water content, electron beam cross-linked aqueous polymer sheet hydrogels. The company said Alliqua also plans to use other benefits of this technology, including wound healing, medical diagnostics and cosmeceuticals.
"We are pleased to announce the formation of Alliqua, as we believe it will drive HepaLife's existing and developmental product pipeline going forward," said HepaLife President Richard Rosenblum in a statement. "As we proactively penetrate the expanding drug delivery and wound care industries, we remain highly committed to growing our revenue, earnings and, ultimately, shareholder value."
As HepaLife points out, transdermal drug delivery has many advantages over other methods. It is noninvasive, improves patience compliance and is easy to discontinue.