Eternity and PharmaNova to develop branded medicines
Canadian medical device company Eternity Healthcare (OTC:ETAH) has signed a letter of intent with privately-held US firm PharmaNova to develop a new generation of steroids and steroids related pharmaceuticals for rapid subcutaneous absorption.
The companies will utilize PharmaNova’s NovaSperse nanoparticle technology to enhance the aqueous dissolution of lipid soluble drugs enabling them to be administered using Eternity’s needle-free injection system.
The companies plan to complete the final agreement by September 30, 2013. Under the business terms of the agreement both companies shall be responsible to jointly finance the product development and share the revenue 50:50. Further detail of the business deal and commercial structure will become available in the final agreement.
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