Stellar Pharma to sell Apricus MycoVa in Canada

USA-based Apricus Biosciences (Nasdaq: ARI) has signed an exclusive license agreement with Canada’s Stellar Pharmaceuticals (OTCQB: SLXCF) whereby the latter gains the exclusive right to sell Apricus MycoVa product for the treatment of onychomycosis (nail fungus) in Canada, following receipt of Canadian regulatory approval for such product. MycoVa combines an existing, approved drug for nail fungus, terbinafine, with the NexACT technology that enhances the absorption of the drug through the skin.

The exclusive license agreement provides for an upfront payment of around C$8 million ($7.9 million) to Apricus, regulatory approval milestone, sales achievement milestones and double-digit royalty payments during the term of the agreement.

Onychomycosis is a chronic persistent fungal infection of the nail bed resulting in thickening and discoloration of the nail, which sometimes can be accompanied by serious pain and disability. According to the Merck Manual, the worldwide incidence rate of onychomycosis is approximately 10%. As described by Iorizzo and Piraccini (2007), the incidence has been increasing due to diabetes, immunosuppression and an aging population. While occurring in around 2.6% of children younger than 18 years, it occurs in as much as 90% of the elderly population (eMedicine.medscape.com).