OticPharma Inc., a privately held specialty pharmaceutical company, has entered into a license agreement with Morristown, New Jersey based drug developer Otodyne, Inc., providing OticPharma with exclusive worldwide rights to develop and commercialize the company’s investigational drug products for the treatment of otitis media and other conditions.
Gregory J. Flesher, chief executive officer for OticPharma, Inc. said: “We are extremely pleased to enter into this agreement with Otodyne, a company that has developed a truly novel approach to treating otitis media.” “The innovative approach focuses on restoring Eustachian tube function as a means to treat the underlying cause of otitis media. If successful, the approach could have broad reaching utility in children and adults.”
Agreement terms –
Under the terms of the agreement, OticPharma will have responsibility for all development and commercialization activities. Otodyne will be eligible to receive a tiered royalty plus milestone payments based on successful development and commercialization of products worldwide.