Today, Pharmaceutics International, Inc. (PII) and NexMed, Inc. announced together that they have entered a Memorandum of Understanding (MOU) for a strategic product development collaboration utilizing NexMed's NexACT drug delivery platform.
As terms of the agreement, PII will promote the NexACT technology to its clients and will be able to independently identify new product development opportunities for this collaboration. PII will be responsible for the research and development of the new pharmaceutical products, with guidance and oversight from NexMed, as well as for clinical trial material manufacturing and commercial manufacturing of the new products.
Hem Pandya, NexMed's COO stated, We are very pleased to enter into this collaboration with PII. The strategic goal is to broaden the promotion of our technology and permit us access to PII's research and development and commercial manufacturing infrastructure. We will also be able to continue with our current product development efforts at significantly reduced monthly overhead expenses.
Steve King, PII's Senior Vice President added, The collaboration between the companies will offer PII's customers opportunities for product development without having to move their compounds elsewhere. The NexACT technology fits well with PII's Drug Delivery Solutions initiative.
NexMed's NexACT transdermal drug delivery technology provides a highly effective transdermal therapeutic approach to the diseases that are currently being treated by systemic (oral or intravenous injections) therapy. The patented NexACT technology utilizes new biodegradable ingredients to overcome the skin's natural barrier properties and enable the rapid penetration of high concentrations of active drug directly through the skin and major mucous membranes, enabling the invention of new and highly effective topical and transdermal therapies.