NovaBiotics enters co-development agreement for Novexatin

Scotland-headquartered clinical-stage biotech firm NovaBiotics has entered into an exclusive agreement with a unit of USA-based Taro Pharmaceuticals Industries (NYSE: TARO) to licence and co-develop Novexatin, the company’s first-in-class antifungal peptide treatment for fungal nail infections. Financial terms of the deal were not disclosed.

Novexatin is an investigational drug that is expected to enter a multicenter Phase IIb study for mild-to-moderate onychomycosis in the USA. The active pharmaceutical agent of this medicinal candidate is NovaBiotics’ novel, patented antifungal peptide, NP213, which was developed specifically as a safe, fast-acting nail penetrating fungicidal molecule from the company’s proprietary antimicrobial peptide platform.  NovaBiotics and Taro will jointly manage the study and other development activities for Novexatin, with Taro as lead partner in the program.

Deborah O’Neil, chief executive and scientific officer of NovaBiotics, commented: “Novexatin is an antifungal technology that has the potential to positively affect the onychomycosis space with the key advantage of delivering results within a short treatment period of 28 days. As a leader in dermatology, Taro is an excellent fit for NovaBiotics and our ambitions for Novexatin.”