May 10 2007
iCeutica Inc is pleased to announce that it has signed a binding agreement with Danish venture capital group Nordic Biotech to establish a new company Spree Pharma A/S. The agreement enables Spree to leverage iCeutica’s proprietary Encapsulated Organic Nanoparticle (EON) Platform to reformulate a number of compounds for launch and marketing by Spree Pharma A/S in focused therapeutic indications.
The agreement provides for Nordic Biotech to invest in Spree Pharma A/S which will be co-owned by both iCeutica Inc and Nordic Biotech. Spree will be responsible for selection of drug compounds for reformulation using iCeutica’s EON Platform and for their commercialisation. iCeutica will undertake the reformulation work under contract with Spree.
“We are happy to have started Spree Pharma A/S based on the iCeutica technology and look forward to building a therapeutically focused pharmaceutical company,” said Nordic Biotech partner Florian Schönharting.
“This transaction combines iCeutica’s EON Platform with the strong product development and management capabilities of Nordic,” commented iCeutica CEO Matt Callahan. “This opportunity provides additional commercial opportunities for iCeutica with a highly credible player.”