Healthcare Industry News: erectile dysfunction
News Release - March 20, 2006
Ranbaxy Purchases Rights and Assets to Senetek's Autoinjector DevicePRINCETON, N.J., March 20 (HSMN NewsFeed) -- Ranbaxy Pharmaceuticals Inc. (RPI), a wholly owned subsidiary of Ranbaxy Laboratories Limited (RLL), today announced it has purchased patents, trademarks and automated manufacturing equipment for Senetek PLC's proprietary disposable autoinjector for self- administration of parenteral drugs, including epinephrine for emergency treatment of anaphylactic shock from peanut and other allergies.
The agreement provides for a non-refundable payment by Ranbaxy to Senetek on signing and milestone payments based on regulatory approvals and cumulative sales milestones. Terms also include a percentage of Ranbaxy's and/or its licensees' quarterly net sales of the product(s) to be paid to Senetek. Initially, Ranbaxy will focus on pre-filling the autoinjector device with epinephrine. Ranbaxy will also evaluate the development of other parenteral drugs (including Senetek's patented erectile dysfunction drug Invicorp®).
Ranbaxy will make infrastructure investments, including building the required clean room suites at its facility in New Brunswick, New Jersey to house the highly automated autoinjector production line. Under the terms of the agreement, Ranbaxy will obtain regulatory approvals and market the product. Ranbaxy has also agreed to discuss the possibility of manufacturing and supplying Invicorp® in the autoinjector device to Senetek's licensees.
Dipak Chattaraj, Chairman of Ranbaxy Inc., the U.S. parent company of RPI, said, "Anaphylactic shock due to allergic reaction to peanut-based food additives is a growing health risk that currently results in over 30,000 emergency room trips, and 150 to 200 preventable deaths in the U.S. each year, not including an additional 50 deaths from bee stings and other allergic reactions. Senetek's patented, modular autoinjector is ideally suited for this acute self-medication market, which is growing at over 25% annually as health and educational organizations build popular awareness of these risks. This device can also be adapted for other acute applications, including the military and Homeland Security sectors for administration of antidotes to chemical and biological agents. Ranbaxy has the required staff and funds to shepherd this much needed technology through regulatory approval and bring it promptly to market."
Frank J. Massino, Chairman and Chief Executive Officer of Senetek, commented, "Placing Senetek's autoinjector technology and equipment with a strong commercial partner committed to bringing it to market has been one of the key goals of Senetek's strategic plan. Ranbaxy is ideally suited to maximizing the commercial potential of this unique technology, and this transaction will further support our business plan to broaden and deepen Senetek's position in the dermatologicals segment with Kinetin, Zeatin and the other new compounds under development or evaluation for in-licensing."
Ranbaxy Pharmaceuticals Inc. (RPI) based in Jacksonville, Florida, is a wholly owned subsidiary of Ranbaxy Laboratories Limited (RLL), India's largest pharmaceutical company. RPI is engaged in the sale and distribution of generic and branded prescription products in the U.S. healthcare system.
Ranbaxy Laboratories Limited, headquartered in India, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies.
Ranbaxy's continued focus on R&D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company's foray into Novel Drug Delivery Systems has led to proprietary "platform technologies," resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 46 countries and manufacturing operations in 7 countries.
Senetek is a life sciences-driven product development and licensing company focused on the high growth market for dermatological and skin care products primarily addressing photo-damage and age-related skin conditions. Senetek's patented compound Kinetin is a naturally occurring cytokinin that has proven effective in improving the appearance of aging skin with virtually none of the side effects associated with acid-based active ingredients. Senetek's researchers at the University of Aarhus, Denmark, also are collaborating with the Institute of Experimental Botany, Prague, and other leading governmental and private research institutions to identify and evaluate additional new biologically active compounds for this high growth field.
Source: Ranbaxy Pharmaceuticals
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