MONTREAL and
FAIRFIELD, N.J., Feb. 17, 2016
/PRNewswire/ -- Knight Therapeutics Inc. (TSX: GUD) (Knight)
and Medimetriks Pharmaceuticals, Inc. (Medimetriks) announced today
that Knight has issued a secured loan of up to US$20 million to support Medimetriks' acquisition
of the exclusive U.S. development and commercialization rights for
OPA-15406 from Otsuka Pharmaceutical Co., Ltd., a global healthcare
company headquartered in Tokyo,
Japan.
OPA-15406 is a topical, non-steroidal phosphodiesterase IV
(PDE-4) inhibitor that is part of a new treatment class for atopic
dermatitis, a disease that affects up to 18 million people in the
U.S. In addition to the secured loan, Knight and Medimetriks have
entered into a license and distribution agreement whereby Knight
will be Medimetriks' exclusive distribution partner in Canada, Israel, Romania, Russia, Sub-Saharan Africa and the
Caribbean for future Medimetriks
products. Medimetriks currently does not have rights to any
products in these territories.
The secured loan, with an initial tranche of US$18 million, will bear interest at a rate of
13% per annum for a three year term. A second tranche of
US$2 million will be issued by Knight
upon the FDA filing by Medimetriks of an NDA for Ozenoxacin, a
novel, bactericidal non-fluorinated quinolone in development as a
topical treatment for impetigo. Medimetriks expects to submit the
NDA for Ozenoxacin in May 2016. As
part of the transaction, Knight has been issued 3.6% of the
fully-diluted common shares in the capital of Medimetriks, plus
other consideration. The loan is secured by a charge over all the
assets of Medimetriks, which include 10+ key commercial brands that
are currently generating gross revenues of over US$36 million per annum.
"Medimetriks is thrilled to partner with the Knight team," said
Bradley Glassman, Chairman and Chief
Executive Officer of Medimetriks. "We are pleased that Knight,
a leading specialty pharma and strategic lender, shares our
enthusiasm about the potential for OPA-15406 to be a best-in-class
treatment for patients suffering from atopic dermatitis."
"Knight is pleased to support Medimetriks and its acquisition of
OPA-15406, a promising treatment for a disease that affects
millions of children and adults in the U.S.," said Jonathan Ross Goodman, President and CEO of
Knight. "Medimetriks is a leading independent U.S. dermatology
company with the development and commercial capabilities to take
advantage of this opportunity. We look forward to working with
Medimetriks to bring future innovative dermatology products to
patients in Canada and
abroad."
About Medimetriks Pharmaceuticals Inc.
Medimetriks
Pharmaceuticals, Inc. is a leading independent branded dermatology
company focused on the development, licensing and commercialization
of innovative prescription skincare brands. The company is
dedicated to addressing unmet physician and patient needs with
unique therapies that advance patient care. For more information,
please visit: www.medimetriks.com.
About OPA-15406
OPA-15406, discovered by Otsuka
Pharmaceutical Co., Ltd., is an investigational non-steroidal
topical anti-inflammatory PDE-4 inhibitor in development for the
potential treatment of atopic dermatitis. OPA-15406 is hypothesized
to exert anti-inflammatory action by inhibiting the production of
cytokines and chemical mediators thought to cause the signs and
symptoms of atopic dermatitis.
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 select
international markets. Knight Therapeutics Inc.'s shares trade on
TSX under the symbol GUD. For more information about Knight
Therapeutics Inc., please visit the company's web site at
www.gud-knight.com or www.sedar.com.
Forward-Looking Statement
This document contains
forward-looking statements for Knight Therapeutics Inc. and its
subsidiaries. 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. Knight Therapeutics Inc. considers the
assumptions on which these forward-looking statements are based to
be reasonable at the time they were prepared, but cautions the
reader that these assumptions regarding future events, many of
which are beyond the control of Knight Therapeutics Inc. 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 Knight Therapeutics Inc.'s
Annual Report and in Knight Therapeutics Inc.'s Annual Information
Form for the year ended December 31,
2014. Knight Therapeutics Inc. disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information or future events, except as
required by law.
For further information please contact:
Knight Therapeutics Inc.
Jeffrey Kadanoff, P.Eng., MBA
Chief Financial Officer
Tel: 514-484-GUD1 (4831)
Fax: 514-481-4116
Medimetriks Pharmaceuticals,
Inc.
David Addis
Senior Vice President, Brand
Communication
daddis@medimetriks.com
+1 973 882 7512, extension 569
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SOURCE Medimetriks Pharmaceuticals, Inc.