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:
- 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.
- 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.
- Amneal Pharmaceuticals, LLC
- Prolong Pharmaceuticals, LLC
- AmDerma Pharmaceuticals, LLC
- Quinnova Pharmaceuticals, Inc.
- Kashiv Pharma, LLC
- TcNet, LLC.