Isotechnika Pharma announces the closing of its partnership with Paladin Labs
Isotechnika Pharma Inc. announced that the previously announced court supervised plan of arrangement with Paladin Labs Inc. has been completed. The Arrangement creates a strategic partnership between Isotechnika Pharma and Paladin for the commercialization of voclosporin, Isotechnika's next-generation calcineurin inhibitor, in Canada, Mexico, Central & South America, Israel and South Africa. This partnership provides Isotechnika Pharma with $7.0 million of cash immediately and $4.35 million in supported Research and Development funding over the next 12 months.
"This agreement with Paladin improves our capital base and brings on a well-regarded commercialization partner for important pharmaceutical markets," said Dr. Robert Foster, President & CEO of Isotechnika Pharma. "We will continue our efforts to secure a commercialization deal for voclosporin in the key markets of the U.S., Europe, and Asia, and we will work together with Paladin to identify and acquire additional late-stage assets to further broaden the pipelines of both companies."
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