IDT's new manufacturing partner
Pharmaceutical company IDT Australia (ASX:IDT) has concluded a manufacturing and supply agreement with WellSpring Pharma Services of Ontario, Canada.
The arrangement will see WellSpring manufacture an initial group of two to three products that require manufacturing processes or scale not currently available at IDT’s Boronia facilities. The first product being worked on by WellSpring is pindolol, a cardiac drug which is said to have an addressable US market of US$10 million.
According to IDT, placing these products in a second facility doubles the resources being applied to the recommercialisation of the company’s proprietary generics range. The move also accelerates progress towards revenues and profitability from IDT’s own range of products.
Wellspring has been inspected by IDT and commenced work on the products under an initial works order in late 2015. The IDT-WellSpring products are expected to be available for sale in the US, via distributor ANI Pharmaceuticals, later this year.
IDT Australia (ASX:IDT) shares were trading 3.39% higher at $0.305 as of around 12.30 pm on Wednesday.
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