Healthcare Industry News: Respironics
News Release - September 11, 2007
Crospon Licenses HP Technology to Create Industry-First Skin Patch for ''Smart'' Drug DeliveryFusion of High-Tech and Biotech Improves Safety, Efficacy and Ease-of-Use for Patients
PALO ALTO, Calif.--(HSMN NewsFeed)--HP (NYSE:HPQ ) and Crospon, a medical device developer based in Galway, Ireland, today announced they have entered a licensing agreement for a drug delivery platform that enables painless, controlled release of one or more drugs in a single patch applied to the skin.
Under the agreement, HP will license its intellectual property to Crospon in return for royalty payments. Crospon will commercialize the patch, which was invented by HP Labs, the company's central research facility, and make it available to pharmaceutical companies to use in various therapeutic areas.
Crospon, which recently announced the finalization of EUR 2.3 million in seed financing, will manufacture the skin patch and manage all marketing, sales and support of the technology.
The patch delivers medication intradermally - just below the surface of the skin - and enables precise control of dosage timing, access to dosage history, patient activation mechanisms and inherent safety protocols for preventing adverse drug interactions.
Transdermal patches (which rely on absorption through the skin) for nicotine delivery have become a mainstay for smoking cessation programs; however, they have not been a widely effective delivery mechanism for many drugs because the skin acts as a natural barrier.
The HP-developed skin patch uses microneedles that barely penetrate the skin; this radically reduces discomfort compared to traditional hypodermic needles and enables the technique to be used with a much wider variety of drugs and biopharmaceuticals. The microneedles allow medication to quickly enter the bloodstream, resulting in the potential delivery of lower and more precise dosages.
HP initially developed the drug delivery technology as a way to repurpose its inkjet technology for use in new markets. The technology in the skin patch is similar to that employed in HP's patented process for its inkjet cartridges.
"This industry-first skin patch invented by HP allows Crospon to offer a superior drug delivery platform for doctors and patients," said John O'Dea, chief executive officer, Crospon. "We look forward to working with our pharmaceutical customers to bring this breakthrough solution to the market."
The agreement between HP and Crospon resulted in part from HP's relationship with Enterprise Ireland, an Irish government agency tasked with supporting and growing indigenous business in Ireland. Through Enterprise Ireland, companies can license the intellectual property of HP and access the company's business and technology mentoring.
"We encourage companies like Crospon to apply HP's intellectual property in innovative ways to help more people benefit from these important technologies," said Joe Beyers, vice president, Intellectual Property Licensing, HP. "By licensing core intellectual property in thermal inkjet technology for use in a drug delivery product, HP breathes new life into its mature technology while capitalizing on the booming healthcare and life sciences market."
HP encourages other organizations worldwide to leverage its vast research and development network and portfolio of nearly 30,000 patents to bring new technologies to market through intellectual property licensing agreements. These agreements also enable HP to generate a return on its R&D investment through licensing fees and royalties.
More information on HP's intellectual property licensing program is available at www.hp.com/hpinfo/abouthp/iplicensing/.
Images of the prototype drug delivery platform are available at www.hpl.hp.com/about/media/drug_delivery/.
Crospon, formed in 2006, is a medical device company focused on the monitoring and treatment of diabetes and gastroesophageal reflux disorder (GERD). Crospon recently announced the closure of a EUR 2.3 million seed round of financing, which included investment by Enterprise Ireland and The Western Development Commission (www.crospon.com). Company founder and Chief Executive Officer John O'Dea, previously co-founded Caradyne, a Galway, Ireland-based respiratory products company that was acquired by Respironics Inc. in 2004.
HP focuses on simplifying technology experiences for all of its customers - from individual consumers to the largest businesses. With a portfolio that spans printing, personal computing, software, services and IT infrastructure, HP is among the world's largest IT companies, with revenue totaling $100.5 billion for the four fiscal quarters ended July 31, 2007. More information about HP is available at www.hp.com.
Note to editors: More news from HP, including links to RSS feeds, is available at www.hp.com/hpinfo/newsroom/.
This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements of the plans, strategies and objectives of management for future operations; any statements concerning expected development, performance or market share relating to products and services; anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the execution and performance of contracts by HP and its customers, suppliers and partners; the achievement of expected results; and other risks that are described in HP's Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2007 and HP's other filings with the Securities and Exchange Commission, including but not limited to HP's Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2006. HP assumes no obligation and does not intend to update these forward-looking statements.
© 2007 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein.
Issuer of this News Release is solely responsible for its
Please address inquiries directly to the issuing company.