FAIRFIELD, N.J., March 5, 2018 /PRNewswire/ -- Medimetriks Pharmaceuticals, Inc. today announced that the Company divested exclusive U.S. rights for Xepi™ (ozenoxacin cream), 1% to Cutanea Life Sciences, Inc. for up to $30 million, with $29 million to be paid in 2018, plus the assumption of $5 million in liabilities related to Xepi™. Medimetriks retains generic rights to the product. Xepi™ is a novel bactericidal, non-fluorinated quinolone for the treatment of impetigo that Medimetriks licensed from Ferrer, a privately held Spanish pharmaceutical company, in March, 2014. Xepi™ was approved by FDA in December, 2017.
"We believe Xepi™ is an important new treatment for patients suffering from impetigo, a common, highly contagious bacterial skin infection," stated Bradley Glassman, Chairman & Chief Executive Officer of Medimetriks. "We are pleased that Xepi™ will be commercialized by Cutanea."
"The sale of Xepi™ is strategically important so we can substantially retire our debt owed to Knight Therapeutics," continued Mr. Glassman. "We are focused on building our core Dermatology business while developing our Phase 3-ready asset, MM36."
MM36 is a novel topical non-steroidal phosphodiesterase IV (PDE4) inhibitor in development for the treatment of mild-to-moderate atopic dermatitis that recently completed Phase 2 studies. MM36 has been shown to be safe, well-tolerated and provide rapid and sustained itch relief when applied twice daily to AD patients aged two to 18 years.
Founded in 1959, Ferrer is a privately-held Spanish pharmaceutical company, with full vertical integration from R&D to distribution. It is present in more than 95 countries, with 24 international affiliates. Ferrer is active in the pharmaceutical, health, fine chemicals and food sectors, key areas for contributing to people's health and quality of life. In recent years, it has concentrated on diversifying across the whole healthcare spectrum, including prescription drugs, hospital products, vaccines, molecular diagnostics, OTC and self-care. Visit www.ferrer.com.
About Knight Therapeutics
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight Therapeutics Inc.'s shares trade on TSX. For more information about Knight Therapeutics Inc., please visit the company's web site at www.gudknight.com or www.sedar.com.
About Medimetriks Pharmaceuticals, Inc.
Medimetriks Pharmaceuticals, Inc. is a leading independent branded Dermatology company with integrated development capabilities and robust commercial operations. The company is dedicated to addressing unmet skin care needs through the development, licensing and commercialization of innovative prescription brands that advance patient care.
For more information, please visit: www.medimetriks.com
Contact: David Addis
Senior Vice President
Medimetriks Pharmaceuticals, Inc.
(973) 882-7512, ext. 569
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SOURCE Medimetriks Pharmaceuticals, Inc.