Healthcare Industry News: SkyePharma
News Release - June 26, 2007
SkyePharma Licenses Sleep Therapeutic SKP-1041 to Somnus Therapeutics
London, UK--(Healthcare Sales & Marketing Network)--Jun 26, 2007 -- LONDON, UK, Tuesday, June 26, 2007 - SkyePharma PLC (LSE:SKP.L ) today announces that it has entered into an exclusive agreement with Somnus Therapeutics ('Somnus') for the worldwide development and commercialisation of its sleep therapeutic, SKP-1041. SKP-1041 is a new controlled release formulation of a non-benzodiazepine hypnotic agent which utilises SkyePharma's Geoclock(TM) technology. As part of the agreement, SkyePharma will formulate and manufacture SKP-1041. Recent estimates suggest that the worldwide market for hypnotics is $3 billion.Under the terms of the agreement, SkyePharma could receive up to $35 million in milestone payments, of which $4 million is payable on signature, up to $11 million is payable during the development phase, mainly on product approval and $20 million is sales-related. The first milestone payment will be triggered by the successful completion of the Phase I clinical study of the product. SkyePharma will also receive a royalty on future sales escalating upwards from high-mid single digit. In addition, Somnus will be responsible for the majority of the development and clinical trial costs.
SkyePharma's Chief Executive, Frank Condella, said: "We are very pleased to be working with Somnus Therapeutics to develop and bring to market SKP-1041, which we believe will be an exciting new product for patients with sleep disorders."
For further information please contact:
SkyePharma PLC
Frank Condella +44 20 7491 1777
Ken Cunningham
Peter Grant
Financial Dynamics (UK Enquiries)
David Yates+44 20 7831 3113
Deborah Scott
Trout Group (US Enquiries)
Christine Labaree+1 617 583 1308
Seth Lewis
Somnus Therapeutics Linda Hogan
+1 609 683 3671
About SkyePharma PLC
Using its proprietary drug delivery technologies, SkyePharma develops new formulations of known molecules to provide a clinical advantage and life-cycle extension. The Company has eleven approved products in the areas of oral, inhalation and topical delivery. The Group's products are marketed throughout the world by leading pharmaceutical companies. For more information, visit www.SkyePharma.com
About Somnus Therapeutics
Somnus is a private drug development company formed by Care Capital LLC and based in New Jersey. SkyePharma's Non-Executive Chairman, Dr Jerry Karabelas, is a partner in Care Capital LLC. In view of his position, Dr Karabelas has not participated in any SkyePharma PLC Board discussions concerning this agreement.
Source: SkyePharma PLC
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