Q BioMed surges as it updates on cancer pain drug acquisition

US biotech Q BioMed (OTCQB: QBIO) saw its share rise 8.3% to $0.46 in early trading, after the company revealed it has entered into a settlement agreement with BioNucleonics to complete the outright acquisition of the non-opioid cancer bone pain drug Strontium-89 Chloride USP.

Q BioMed will assume immediate ownership of the drug, including the Abbreviated New Drug Application (ANDA), under a mutually favorable global royalty agreement.

Strontium-89 is an important therapeutic option for the treatment of metastatic bone cancer pain. The drug has a long history of providing well-documented pain relief for patients suffering from the excruciating pain associated with primary cancers that have spread to the bone, including breast, prostate, lung and others. The drug is administered by a single injection and has been shown to reduce or even eliminate the need for opioid therapies. It is effective in reducing pain in the majority of patients and lasts 3 or more months with one dose.

Q BioMed has been gearing up its commercial efforts in anticipation of the successful outcome of this action as well as the pending Food and Drug Administration approval of the contract facility that will manufacture the drug in the USA.