Melbourne-based Phosphagenics (ASX:POH) has expanded its existing agreement with Themis Medicare for its TPM/Diclofenac gel to include an additional 16 geographical markets.
Under the original agreement signed in 2011, Themis was granted exclusive rights to TPM/Diclofenac gel in India alone.
TPM/Diclofenac gel is a topical non-steroidal anti-inflammatory drug indicated for the treatment of pain and inflammation of the muscles and joints caused by osteoarthritis, soft tissue rheumatism, and injuries such as sprains and strains.
The expanded agreement provides Themis with territorial rights to the gel in 16 additional markets across three continents, including Armenia, Belarus, Georgia, Kazakhstan, Kenya, Kyrgyzstan, Moldova, Philippines, Rwanda, Sri Lanka, Tanzania, Turkmenistan, Uganda, Ukraine, Uzbekistan and Vietnam.
Under the terms of the amended agreement, Themis will pay Phosphagenics an undisclosed upfront fee and additionally royalty payments on sales in line with those specified in the original agreement.
According to Phosphagenics, Themis expects to apply for marketing authorisations to launch the product in these markets over the next few years.
Dr Alex Stojanovic, Phosphagenics’ VP of Business Development, said: “Themis has been an enthusiastic partner during the past several years, and has gained valuable experience with commercialising TPM/Diclofenac gel in India. We look forward to working with Themis to increase the revenue potential of this product as we build a substantially increased geographic footprint.”
In 2014,Themis launched the product under the brand name, Instanac TPM gel, while Novartis launched the same product under the brand name, Voveran TPM gel.
“Our TPM/Diclofenac gel has been well accepted by physicians and patients in the Indian market and creates a solid blueprint for expansion into new markets. Phosphagenics will be working closely with Themis Medicare to understand how to do so in the best possible mutually beneficial and timely manner,” added Phosphagenics’ CEO and Managing Director, Dr Ross Murdoch.