Penwest inks TIMERx formulation deal with Otsuka
Penwest Pharmaceuticals is developing a formulation of an undisclosed Otsuka Pharmaceutical compound using its TIMERx drug delivery technology.
The deal is the fourth research and development agreement between Penwest and Otsuka. Under the terms of the agreement Penwest will received undisclosed fees and payments for developing the product.
Penwest began its relationship with Otsuka in September 2007, signing additional deals in November 2008 and June 2009. A formulation developed in the first agreement demonstrated proof-of-principal in a Phase I trial, triggering a milestone payment for Penwest.
Jennifer Good, Penwest's president and CEO, said the companies will continue to work closely.
