Date: Dec 15, 2011 Source: (
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Auritec Pharmaceuticals, Inc. announced today that it has entered into a Research Evaluation Agreement with a major pharmaceutical company ("Company").
Under the terms of the agreement, Auritec and the Company will collaborate on a research study which will test the performance of Auritec's technology with a proprietary Company molecule. Auritec will utilize its proprietary drug delivery technology to develop a sustained release formulation of the molecule to be tested in appropriate animal models. The Company has the option to negotiate towards an exclusive worldwide development and commercialization license for specific applications barring promising study results.
"Establishing a feasibility study with a major pharmaceutical company is a direct result of the success Auritec's technology has achieved to date, and the potential it has to help patients in the future," said Dr. Tom Smith, CEO, Auritec Pharmaceuticals. "This collaboration validates the commercial need for our technology and thus the interest level it generates from major pharma."
