SpineThera, Inc., a clinical-stage pharmaceutical company focused on the development of SX600 (a novel formulation of extended-release dexamethasone microspheres for epidural injection for the management of lumbar radicular pain) and ProMed Pharma LLC, a contract manufacturer of polymer-based drug releasing dosage forms and combination device components, announced that ProMed Pharma has acquired SpineThera’s cGMP manufacturing operational assets. ProMed Pharma also obtained an option to license SpineThera’s microsphere intellectual property with the potential to sub-license to ProMed Pharma’s customers.
With this acquisition, ProMed Pharma adds biodegradable microparticle development and manufacturing services to its existing portfolio of polymer-based drug releasing dosage forms by purchasing SpineThera’s controlled environment manufacturing suite and process equipment that provide a robust manufacturing process supported by a cGMP quality management system and a highly experienced CMC team. SpineThera has been developing and manufacturing biodegradable microspheres for 10 years.
The sale of its manufacturing operation is consistent with SpineThera’s drug-product asset-development focus. SpineThera’s Chief Executive Officer, Jeff Missling, remarked, “We are focused on improving patients lives by developing innovative injectable drugs based on our proprietary micro-suspension platform technology. Our lead asset, SX600, has shown best-in-class potential for the treatment of lumbar radicular pain. Importantly, SpineThera is maintaining exclusive ownership of intellectual property that enables SX600. With this transaction, our manufacturing team joins a highly capable CDMO, ProMed Pharma, a company we have worked with closely for many years. SpineThera becomes a customer of ProMed, who will manufacture SX600 in the same cleanroom in which we previously developed the technology and manufactured clinical batches. This transaction provides an infusion of working capital and reduces our fixed and recurring expenses.” Missling added, “I thank our employees who have made the transition to ProMed for their years of dedicated service at SpineThera. We look forward to continuing to partner to advance the development of SX600 so that patients suffering from severe lumbar radicular pain may have greatly improved pain management.”
“Microparticle formulation capabilities will significantly expand the sustained-release options we can offer our partners,” commented Jim Arps, Director of Business Development at ProMed Pharma. “I’m particularly excited about opportunities to expand our collaborations in Women’s Health, Ophthalmology, and Complex Generics and engage new partners in therapeutic areas such as Oncology, CNS, and Animal Health. Our in-house analytical capabilities are also well-suited to support new projects in these areas from early formulations to clinical trial material testing and release.”
The financial terms of the transaction were not disclosed.