Q BioMed Inc. issued the following announcement on Oct. 2.
Company Settles Legal Action Resulting in Outright Ownership of the Drug
Preparing for Commercial Launch
Q BioMed Inc. (OTCQB: QBIO), is pleased to report that it has entered into a settlement agreement with BioNucleonics Inc. 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 aNDA (abbreviated new drug application), 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 FDA approval of the contract facility that will manufacture the drug in the US.
The Company believes that this is the ideal time to be launching the product given the current climate surrounding the over-use of opioid drugs. In addition, as more therapies come to market for the treatment of primary cancers, more people are living longer with metastatic disease. It is estimated that approximately two million patients experience debilitating bone pain from metastatic disease. The opportunity to provide improved quality of life to this group is substantial.
QBioMed CEO Denis Corin said, "We have never been more confident in the merits of this program. It has taken longer than anticipated to get here, but we are soon going to be able to serve the needs of patients suffering from metastatic bone pain and provide them the chance to minimize their pain and improve their quality of life during a meaningful moment in their lives. With millions of potential patients, this is a major market opportunity for us and our shareholders. In addition, we are investigating and planning expansion trials to provide additional indications for the drug and entry into an even larger therapeutic market."
While we cannot comment on the FDA review of our contract facility, we are proactively preparing for launch late this year. We have on-boarded our commercial team and will make further announcements regarding national and international distribution in the very near future. In addition, our commercial infrastructure is prepared, including pharmacovigilance, medical information, government contracting and marketing.
We look forward to updating our shareholders and those awaiting drug availability in the very near term.
About Q BioMed Inc.
Q BioMed Inc. is a biotech acceleration and commercial stage company. We are focused on licensing and acquiring undervalued biomedical assets in the healthcare sector. Q BioMed is dedicated to providing these target assets with strategic resources, developmental support, and expansion capital to ensure they meet their developmental potential, enabling them to provide products to patients in need.
Original source can be found here.
