Q BioMed has closed an exclusive license and option agreement for Strontium Chloride (SR89), a radiopharmaceutical agent approved by the U.S. Food and Drug Administration for the treatment of pain associated with bone metastasis.
The company said it will price the generic drug competitively, and patients will be able to buy it at a lower cost than they are currently paying.
SR89 is a radioactive pharmaceutical that provides long-lasting pain relief in patients with painful bone metastasis, typically caused by advanced-stage prostate, lung, or breast cancers.
Similar to calcium, it is absorbed preferentially in areas of active bone formation. Primary bone tumors and areas of metastatic involvement are those that accumulate higher levels of the radioactive element. It then emits beta radiation that kills the cancer cell at the sites of accumulation.
It has been proven that SR89 provides long-term pain relief. Eighty percent of patients using this drug have reported a substantial decrease in pain without the need for opiate analgesics such as morphine.
“We are very excited about the potential for this drug and look forward to bringing it to market as quickly as possible, delivering significant value to all stakeholders, including current and future patients,” QBioMed CEO Denis Corin said in a press release. “The revenue we hope to realize will be a significant milestone for us and substantially derisks our business.”
Beyond near-term revenues, he said, the company is enthusiastic about future growth to increase revenue.
Q will now focus on acquiring appropriate materials for the manufacturing process and on preparing the distribution strategy and marketing plan. The drug is expected to start generating revenue in less than 12 months.
The company believes the lower generic price is a welcome deviation from high drug prices, and that this licensing agreement may provide an opportunity to invest additional resources into the program. Additional details will be announced as soon as practical, company officials said.