Microbix takes over urokinase production from Genpharm
Negotiations for the exclusive right to manufacture the drug for a new proprietary use
Microbix Biosystems Inc. announced that it has taken over the production of its urokinase product from Genpharm Inc. and will directly operate the manufacturing facilities. The two companies, which have been working together over the past three years to commercialize the product, have now amended their licensing agreement to reflect these changes. Microbix will now assume the costs associated with bringing the drug to market - costs previously funded by Genpharm, an affiliate of Merck KgaA.
In addition to producing urokinase at the facilities, Microbix plans to use the plant to manufacture other products. Microbix' original intent was to market its urokinase product, the 'clot busting' drug ThromboClear(TM), as a generic equivalent. While several important milestones have already been achieved, the Company has been reviewing its strategy because of slowing sales for the brand-name drug after the manufacturer announced that it was no longer producing the product.
As a result of this renewed strategy, Microbix has now entered into negotiations for exclusive rights to manufacture the drug for a specific new proprietary use. Details will be announced if and when negotiations are successfully concluded.
Other news from the department business & finance
