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ABEILLE LICENSES AB-1001 TO PROSTRAKAN FOR NORTH AMERICA, EUROPE AND OTHER TERRITORIES

 

Princeton, NJ, March 23, 2009 - Abeille Pharmaceuticals, Inc., is pleased to announce the signing of an exclusive License Agreement with ProStrakan Group plc (“ProStrakan”) to develop and sell AB-1001, Abeille’s transdermal patch for emesis, in ALL territories excluding Japan, China (including Hong Kong), Korea, Taiwan and Singapore – the rights for which were earlier granted to SymBio Pharmaceuticals (Japan). For the right to develop and sell AB-1001 in the aforementioned territories, ProStrakan has paid Abeille an upfront licensing fee, and will make certain payments based on achievement of specific milestones, in addition to royalty payments on commercial sales.

AB-1001, is a transdermal patch for chemotherapy induced nausea and vomiting (CINV). AB-1001 is designed to deliver a commercially available 5HT3-antagonist, through the skin for a continuous period of up to five days, thereby providing the patient with sustained relief for CINV.

“We are extremely pleased with the signing of this License Agreement with ProStrakan which has a presence in Europe and the US, and with partners in most other major countries” stated Suresh Borsadia, President and CEO of Abeille. “AB-1001 is Abeille’s first product, and with this announcement we have successfully licensed the product on a worldwide basis to two very capable partners, ProStrakan and SymBio Pharmaceuticals, who are committed to its successful commercialization. This is further validation of our product focused business strategy and represents a significant milestone in the evolution of Abeille.”

 

About Abeille Pharmaceuticals

Abeille Pharmaceuticals, Inc. is a privately-held pharmaceutical company based in Princeton, New Jersey. The Company is focused on the formulation of products by applying advanced delivery technologies to existing drugs. Abeille is dedicated to the development and commercialization of products that address unmet medical needs and improve the quality of life for patients. The Company's initial focus will be on drugs used to treat oncology related discomforts (such as CINV), diabetes and metabolic disorders, and CNS.

 


For more information contact:

Suresh Borsadia
email:
sborsadia@abeillepharma.com

 



 

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