Skyepharma exercises option under agreement with micap

18-Aug-2004

Micap plc, the technology licensing company specialising in the microencapsulation of active ingredients in yeast cells, announces that skyepharma plc has decided to exercise its option to select for further development a number of pharmaceutical products that incorporate micap's yeast-based delivery system.

In march 2004, skyepharma exercised an option to acquire an exclusive licence to use micap's patented microencapsulation technology. This allows skyepharma to use micap's technology for the delivery of hydrophobic drugs in up to ten nominated pharmaceutical products ("option products") to be selected by skyepharma.

Skyepharma has subsequently been evaluating a number of potential option products and is now in a position to nominate the first option product. The identity of this product has not been disclosed for reasons of commercial confidentiality. Skyepharma will continue to review additional product opportunities, and expects to make further nominations prior to the expiry of the option period.

Under the terms of the march agreement, ongoing royalties will be payable by skyepharma to micap on sales made, or licences of, any option product. Skyepharma will also make milestone payments on the first successful completion of phase ii and phase iii clinical trials and also on the first commercial launch of an option product.

Michael brennand, chief executive of micap, said: "the commitment shown by skyepharma is a major validation of the potential applications of our microencapsulation technology in the pharmaceutical area. We look forward to progressing the relationship through clinical trials and product launches."

Michael ashton, chief executive of skyepharma, said: "we continue to be pleased with our relationship with micap. In january 2003, we agreed to evaluate the application of the micap microencapsulation technology to the delivery of hydrophobic drugs. Following pre-clinical evaluation of the micap technology in both oral and topical drug delivery applications, we decided to exercise our option in march this year. We are now able to report that we have selected the first option product for further development. We will continue to evaluate other candidate option products, which we must nominate by the end of march 2005. The micap technology further expands our growing range of drug delivery options."

https://www.bionity.com/en/news/39143/skyepharma-exercises-option-under-agreement-with-micap.html