SCOLR’s formulation of antinausea drug is based on its controlled delivery technology.
SCOLR Pharma granted RedHill Biopharma the worldwide rights to market and sell ondansetron tablet formulations based on SCOLR’s controlled delivery technology.
Under the terms of the licensing agreement, RedHill has agreed to make up-front and additional payments to SCOLR up to $600,000 based on achievement of certain regulatory milestones and the first commercial sale of the antinausea product and thereafter make payments to the company up to a maximum of $30 million based on the aggregate net sales by RedHill of the licensed product over a ten-year period.
Ondansetron hydrochloride is the active ingredient in Zofran®, GlaxoSmithKline’s drug to prevent chemotherapy and radiation related nausea and vomiting.
