iNova expands product offering with exclusive new deal
11 August 2009
iNova Pharmaceuticals (“iNova”), a company rapidly expanding in the Asia-Pacific and Southern Africa regions, today announced the signing of an exclusive agreement for a patent submitted, clinically proven novel nasal spray in the treatment of non-allergic rhinitis.
Under the terms of the agreement between Italian company PH&T and iNova Pharmaceuticals (Australia) Pty Limited, iNova associated companies have exclusive rights to register and conduct a market development evaluation assessing the product’s commercial merits and approaches for marketing and distribution.
The product is innovative in providing long term symptomatic relief after a single three day treatment course and, unlike other products used to treat non-allergic rhinitis, is steroid free. Once registered, iNova will make the product available to selected patients under the care of their doctor from November 2009 and expects to launch the product with commercial quantities from mid 2010.
Non-allergic rhinitis (also called vasomotor rhinitis) is a condition resulting from nasal inflammation without allergy that affects up to 25% of the population and millions of people worldwide.1,2 In Australia alone, it is estimated there are at least one million people with non-allergic rhinitis.3
iNova CEO Andrew Howden said, “The addition of this novel product to our expanding portfolio will further add to iNova’s growing position in Asia Pacific and Africa. Our existing infrastructure in these established and emerging markets will be able to rapidly bring our new product portfolio to patients and consumers.”
“iNova is well placed to maximise the commercial opportunity for a product that is an important new treatment option filling a therapeutic void in what is, essentially, a new market”, said Chief Operating Officer, Chris van Niekerk, who leads iNova strategies for developing and acquiring new products and brands.
“iNova has a unique opportunity to register and commercialise this new therapy offering for Australia, which is the first market outside of Europe, and potentially many other countries. We have market leading prescription and over the counter brands, and would welcome companies looking for a collaborative partner with well established business development, registration and marketing capabilities to commercialise their healthcare products”, Mr van Niekerk said.
For further information contact:
Athena Kolivos, Corporate Affairs Manager 0412 857 698