Date: 2015-06-18
Type of information: Collaboration agreement
Compound: implantable drug delivery device
Company: Teva Pharmaceutical (Israel) Microchips Biotech (USA - MA)
Therapeutic area: undisclosed
Type agreement: collaboration
Action mechanism: Microchips Biotech\'s electronic device is made up of microchip arrays that can store hundreds of therapeutic doses of drug for periods ranging from months to years and releases each dose at precise times. The device can be programmed to release drug on a pre-determined schedule and will have wireless control features. The implant has been clinically-validated in human studies delivering parathyroid hormone in osteoporosis patients and the system is fully programmable via wireless communications to adjust dosing by physician and/or patient. The microchip-based technology was originally developed at MIT by renowned researchers Robert Langer , Ph.D. and Michael J. Cima , Ph.D.
Disease:
Details: * On June 18, 2015, Teva Pharmaceutical Industries and Microchips Biotech announced that they have entered into a partnership under which the companies will explore innovative ways to apply Microchips Biotech\'s implantable drug delivery device to Teva\'s portfolio of products with the goal of enhancing clinical outcomes for patients on chronic drug therapies. The partnership has an initial focus on one selected disease area, but will provide Teva with the option to later expand the program into several additional therapeutic areas and sensing applications that are proprietary to Teva.As programs advance, Microchips Biotech will receive development and commercial milestone payments and royalties on future product sales. Microchips Biotech will also receive funding to develop products for any future additional indications Teva may develop, and Teva will be responsible for Phase II and Phase III clinical development and regulatory filings.
Financial terms: Under the terms of the agreement Teva will make a $35 million upfront payment to Microchips Biotech in the form of an equity investment and technology access fee. As programs advance, Microchips Biotech will receive development and commercial milestone payments and royalties on future product sales. Microchips Biotech will also receive funding to develop products for any future additional indications Teva may develop, and Teva will be responsible for Phase II and Phase III clinical development and regulatory filings.
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