TAIPEI, May 9, 2024
/PRNewswire/ -- Taiwan-based
Formosa Pharmaceuticals ("Formosa", 6838.TWO) announced today that
the company has entered into an exclusive licensing agreement with
Tabuk Pharmaceuticals Manufacturing Company ("Tabuk"), for
exclusive rights to the commercialization of clobetasol propionate
ophthalmic suspension, 0.05% (APP13007), a patented innovative
medicine for the treatment of inflammation and pain following
ocular surgery in key regions of the Middle East and North Africa (MENA). Clobetasol
propionate ophthalmic suspension, 0.05% (APP13007) was approved by
the U.S. Food and Drug Administration (FDA) on March 4, 2024. The licensing agreement
includes upfront, commercialization milestones, and sales
milestones, with additional considerations throughout the term of
the agreement.
APP13007's active ingredient is the superpotent corticosteroid,
clobetasol propionate, and is derived from Formosa Pharma's
proprietary APNT™ nanoparticle formulation platform. The
novel formulation enables a convenient and straightforward dosing
regimen (twice daily for 14 days) while providing rapid and
sustained relief of inflammation and pain, which in Phase 3 trials
proved statistically and clinically superior to its matching
placebo (p<0.001). APP13007 will have significant
potential in the MENA region for the ocular surgery market.
"We are pleased to establish this partnership with Tabuk
Pharmaceuticals, the largest private Saudi company and one of the
most prominent pharmaceutical corporations in the MENA region.
We are confident Tabuk's experience, vast network, and
commitment to value-added and innovative medicines will deliver
APP13007 to patients recovering from ocular surgery," said Erick
Co, President and CEO of Formosa Pharmaceuticals.
Ismail Shehada, CEO of Tabuk
Pharmaceuticals, stated, "We are excited at Tabuk to be partnering
with Formosa to introduce this innovative drug for patients in
Saudi Arabia and remaining MENA
countries which reinforces our leading position in the region
and our role to deliver unique health
solutions and enhance the well-being of people."
About Formosa Pharmaceuticals, Inc.
Formosa Pharmaceuticals, Inc. (6838.TWO) is a clinical stage
biotechnology company with primary focus in the areas of
ophthalmology and oncology. The company's proprietary
nanoparticle formulation technology (APNT™), through which APP13007
was developed, improves the dissolution and bioavailability of APIs
for topical, oral, and inhaler administration. Resulting
formulations have high uniformity, purity, and stability, thereby
allowing the utilization of poorly soluble or extremely potent drug
agents which otherwise may face insurmountable challenges in
delivery and penetration to target tissues. For more details
about Formosa Pharma and APNT™, visit www.formosapharma.com.
About Tabuk
Established in 1994, Tabuk Pharmaceuticals is a leading Saudi
pharmaceutical company with a regional presence in the Middle East and North Africa (MENA). Tabuk Pharmaceuticals
develops, manufactures, markets, and distributes various branded
generics, in addition to manufacturing pharmaceutical products for
renowned international partners at its manufacturing sites in
Saudi Arabia, as part of its
continuous efforts to cover the needs of patients by providing high
quality medicines. Tabuk Pharmaceuticals is a major player in
the pharmaceutical sector thanks to its four state-of-the-art
manufacturing sites located in Tabuk and Dammam in the Kingdom, as well as in
Sudan and Algeria, orchestrated by a team of more than
2,400 employees. Tabuk Pharmaceuticals reaches patients in 17
countries across the Middle East
and North Africa, with future
plans to expand its presence in the region.
https://www.tabukpharmaceuticals.com
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SOURCE Formosa Pharmaceuticals Inc.