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January 10th, 2010
Pharmaceutical firm attracts investments and partnerships
Abstract:
An Ann Arbor-based biopharmaceutical company continues to attract investments, grants and partners, including a new licensing agreement with a large drug company to help it develop and sell the most advanced product in its pipeline.
Under the GlaxoSmithKline agreement signed in December, NanoBio will receive $14.5 million initially, and as much as $40 million eventually, in royalty and other milestone payments for future sales of its over-the-counter cold sore drug in the U.S. and Canada.
NanoBio's cold sore drug, now called NB-001, is the company's first nanoemulsion product to successfully complete the second phase of clinical studies. Larger, third-phase studies in humans are expected to begin in the next few months, Baker said. Three other of the company's drugs are in various phases of clinical studies, Baker said.
Source:
freep.com
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