Canada-based Neuromed has sold the US rights of its investigational drug candidate, Exalgo (hydromorphone HCl), an extended-release tablets, to Covidien’s subsidiary, Mallinckrodt.
Neuromed has received a one-time upfront payment. In addition, if Exalgo is approved, it could receive additional development and regulatory approval milestone payments, as well as a royalty based on commercial sales of Exalgo.
Christopher Gallen, President and CEO of Neuromed, said: We believe that Exalgo, designed to be a once-daily hydromorphone formulation, if approved, will offer an additional option in the management of moderate to severe pain in opioid tolerant patients requiring continuous, around-the-clock opioid analgesia for an extended period of time.
The sale of the Exalgo US rights to Mallinckrodt ensures that Exalgo will be optimally supported going forward, he added.