Amneal Enterprises, an affiliation of independent pharmaceutical marketing, discovery and development companies, and Oculus Innovative Sciences, Inc. (Nasdaq: OCLS), innovator and developer of products based upon the Microcyn® Technology platform, announced today that Amneal alliance members have formed a broad multi-year collaboration with Oculus to realize the development and commercial potential of Microcyn Technology.
Chirag Patel, Co-Chairman of Amneal Enterprises, said, “We are deeply impressed by the wide importance and potential of Oculus’ Microcyn Technology and are excited by the prospects of what our strategic, organizational and financial collaboration can accomplish.”
There are three key components to the collaboration:
Dermatology Device Opportunities:
- AmDerma Pharmaceuticals, LLC, an Amneal alliance member, will pay Oculus $500,000 as a non-refundable initial payment as an option to license the Microcyn technology for an acne new drug application, with the option expiring June 30, 2011. Assuming execution of the option, the new acne drug will be the subject of a separate agreement for U.S. and European rights, with Oculus retaining rights to the rest of world, that will include undisclosed upfront, milestones and royalty payments.
Chronic Wound Care:
- Another Amneal alliance member, Quinnova Pharmaceuticals, Inc., has licensed, with a $500,000 prepayment and ongoing double-digit royalties, the U.S. and Canadian rights to Microcyn-based dermatology atopic dermatitis hydrogel that received FDA clearance this past week. Future Rx dermatology products will also be licensed for undisclosed upfront payments.
- Amneal will co-promote the current Rx Microcyn-based wound care products to podiatry professionals in the United States and Canada.
Hoji Alimi, CEO of Oculus, said, “This next-generation collaboration is an important milestone for Oculus. The breadth of the resources of the Amneal Enterprises alliance members
encompassing multiple sites, nearly a thousand employees and hundreds of scientists
are complemented by their demonstrated ability to perform. In just a few short years, Amneal Pharmaceuticals, a member of the Amneal Enterprises alliance, has become the ninth largest provider of generic prescriptions in the United States as well as the fastest growing company in the highly competitive U.S. generics industry — and also looking towards the development of new drugs. Together, we can advance towards realizing what we have always believed to be the extraordinary promise of Microcyn.”
Amneal Enterprises is a powerful alliance of independent businesses. Each company is strategically aligned based on its ability to bring significant value and tremendous growth potential to the group as well as each of its members.
- Amneal Pharmaceuticals, LLC
- Prolong Pharmaceuticals, LLC
- AmDerma Pharmaceuticals, LLC
- Quinnova Pharmaceuticals, Inc.
- Kashiv Pharma, LLC
- TcNet, LLC.
In this way, Amneal Enterprises continues to grow aggressively, yet intelligently, and in keeping with the group’s strategic plan.