Phosphagenics partner scores Indian coup

Phosphagenics’ (ASX:POH) Indian marketing partner Themis Medicare has arranged to sell anti-inflammatory gel TPM-Diclofenac to Novartis India.

Themis has agreed to manufacture and supply the gel to Novartis India, the local subsidiary of Swiss pharmaceutical giant Novartis International.

Phosphagenics signed an agreement in late 2011 to license its TPM (targeted penetration matrix) drug delivery technology to Themis for use in a diclofenac topical gel.

The deal grants Themis exclusivity in the Indian market. Phosphagenics is entitled to royalties on any sales of the gel.

In a statement, Phosphagenics said its partner’s deal supports its ambitions to expand its TPM technology globally.

Earlier this month, the company commenced licensing talks with Japan’s Nippon Zoki Pharmaceutical, which is interested in using TPM for a diclofenac product aimed at the US market.

Phosphagenics is also using TPM to develop the opioid pain patches TPM-Oxycodone - which is at the trial stage - and TPM-Oxymorphone, which is due to enter the clinic in 2H13.

Phosphagenics shares were trading 3.85% lower at $0.125 as of around 1 pm on Tuesday.