Strategic equity investment of $15 M to support completion of Pharmazz's pivotal Phase 3 study for Sovateltide to treat patients with acute cerebral ischemic stroke
Expansion of the exclusive license agreement with Sun Pharma for marketing and distribution of Sovateltide in India to certain additional Emerging Market countries
WILLOWBROOK, Ill., Aug. 21, 2024 (GLOBE NEWSWIRE) -- Pharmazz, Inc. (“Pharmazz” or the “Company”), a biopharmaceutical company focused on developing and commercializing novel therapeutics to treat patients in critical care, announced that it has entered into an agreement with Sun Pharmaceutical Industries Limited (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715, "Sun Pharma" and includes its subsidiaries and/or affiliated companies) to support development of Sovateltide and extend the scope of its strong working relationship to commercialize a first-in-class innovative drug, Sovateltide (Tyvalzi™). Developed by Pharmazz for potential global use, Sovateltide is indicated for treating acute cerebral ischemic stroke in markets where it is launched.
Pursuant to the agreement, Sun Pharma will make a strategic equity investment of $15 M in two tranches, subject to certain conditions, to support the development of Pharmazz's lead compound, Sovateltide, through a pivotal Phase 3 trial in the U.S. to treat patients with acute cerebral ischemic stroke. As the world's leading specialty generic pharmaceutical company, Sun Pharma’s equity investment further validates the promising developmental pathway for Sovateltide.
Previously, Pharmazz entered into a license agreement with Sun Pharma to commercialize Sovateltide in India under Sun Pharma owned brand name Tyvalzi™. This collaboration is now being expanded to drive the asset’s commercialization efforts in certain additional Emerging Market countries. Sun Pharma’s investment and collaboration will bring valuable operational expertise and strategic inputs to the Pharmazz management team.
About Sovateltide
Sovateltide is a first-of-its-kind drug to treat acute cerebral ischemic stroke that can be administered up to 24 hours after the onset of symptoms. Pharmazz has received agreement from the U.S. Food and Drug Administration (FDA) under a Special Protocol Assessment (SPA) for the study design and statistical analysis plan of its Phase 3 clinical trial of Sovateltide for treating acute cerebral ischemic stroke patients. The protocol is titled, “A Multicentric, Randomized, Double-blind, Parallel, Placebo-controlled Phase III Study to Assess the Safety and Efficacy of Sovateltide in Patients With Acute Cerebral Ischemic Stroke.” ClinicalTrials.gov ID: NCT05691244.
Sovateltide is a first-in-class drug to treat acute cerebral ischemic stroke, a condition in which the loss of blood supply to the brain prevents brain tissue from receiving oxygen and nutrients, resulting in potential brain damage, neurological deficits, or death. Sovateltide promotes neurovascular remodeling by forming new neurons (neurogenesis) and blood vessels (angiogenesis). Sovateltide also protects neural mitochondria and enhances their biogenesis. It can be given to patients along with thrombolytic, and about 30,000 acute cerebral ischemic patients have been treated in India.
About Pharmazz, Inc.
Pharmazz is a privately held company developing novel products in critical care medicine. Pharmazz obtained marketing authorization for two of its first-in-class drug molecules, Centhaquine and Sovateltide, for hypovolemic shock and acute cerebral ischemic stroke, respectively, in India. In addition, the U.S. Food and Drug Administration (FDA) has approved two phase III INDs for Centhaquine as an agent for hypovolemic shock and Sovateltide for acute cerebral ischemic stroke. Additional information may be found on the Company’s website, www.pharmazz.com, and follow us on LinkedIn & X (Formerly Twitter).
About Sun Pharmaceutical Industries Limited (CIN - L24230GJ1993PLC019050):
Sun Pharma is the world’s leading specialty generics company with a presence in specialty, generics and consumer healthcare products. It is the largest pharmaceutical company in India and is a leading generic company in the U.S. as well as global emerging markets. Sun Pharma’s high-growth global specialty portfolio spans innovative products in dermatology, ophthalmology, and onco-dermatology and accounts for over 18% of company sales. The company’s vertically integrated operations deliver high quality medicines, trusted by physicians and consumers in over 100 countries. Its manufacturing facilities are spread across six continents. Sun Pharma is proud of its multicultural workforce drawn from over 50 nations. For further information, please visit www.sunpharma.com and follow us on LinkedIn & X (Formerly Twitter).
Disclaimer:
Statements in this “Document” describing the Company’s objectives, projections, estimates, expectations, plans or predictions, or industry conditions or events may be “forward-looking statements” within the meaning of applicable securities laws and regulations. Actual results, performance, or achievements could differ materially from those expressed or implied. The Company undertakes no obligation to update or revise forward-looking statements to reflect developments or circumstances that arise or to reflect the occurrence of unanticipated developments/circumstances after the date hereof.
