PII, (Pharmaceutics International, Inc) and NexMed, Inc have signed a Memorandum of Understanding (MoU) for a strategic product development collaboration utilizing NexMed's NexACT drug delivery platform.
Pursuant to the MOU, PII will promote the NexACT technology to its clients and may independently identify new product development opportunities for this collaboration with NexMed. PII will be responsible for the research and development of the new pharmaceutical products with technical guidance and oversight from NexMed, and will also assume responsibility for clinical trial material manufacturing and commercial manufacturing of the new products.
Hem Pandya, NexMed's COO said, "We are very pleased to enter into this collaboration with PII. The strategic goal is to broaden the promotion of our technology and permit us access to PII's research and development and commercial manufacturing infrastructure. We will also be able to continue with our current product development efforts at significantly reduced monthly overhead expenses."
Steve King, PII's senior vice president said, "The collaboration between the companies will offer PII's customers opportunities for product development without having to move their compounds elsewhere. The NexACT technology fits well with PII's Drug Delivery Solutions initiative."
NexMed's transdermal drug delivery technology-NexACT-represents an important breakthrough in providing a highly effective transdermal therapeutic approach to the diseases that are currently being treated by systemic (oral or intravenous injections) therapy. The patented NexACT technology utilizes formulations containing new biodegradable ingredients to overcome the skin's natural barrier properties and enables the rapid penetration of high concentrations of active drug directly through the skin and major mucous membranes, thereby resulting in new and highly effective topical and transdermal therapies. NexMed is leveraging its proprietary NexACT drug delivery technology to develop innovative topical pharmaceutical products that address unmet medical needs.
A privately-held company, Pharmaceutics International, Inc is a leading multinational contract formulation development, Clinical Trial Materials (CTM), and commercial manufacturing company with corporate headquarters in Hunt Valley, Maryland, USA.