Pendopharm To Market Sigmoid's CyCol For UC In Canada
Irish specialty pharmaceutical firm Sigmoid Pharma announced that it has signed an agreement with Canadian firm Pendopharm for the marketing of CyCol for ulcerative colitis in Canada.
CyCol is a proprietary oral formulation of solubilised cyclosporine by Sigmoid. CyCol targets the site of disease in the colon to improve safety and efficacy in the treatment of UC. Using the company’s SmPill format, CyCol can be delivered in small amounts and keep the active ingredient focused on the appropriate target. In 2012, the company reported its completion of a Phase 2 trial of CyCol in more than 100 patients with UC.
As part of the agreement, Pendopharm acquired exclusive license rights to CyCol in Canada and has made an upfront investment of €5 million to Sigmoid. The company is also eligible to receive milestone payments as well as royalties from Canadian sales. The equity investment will support the Phase 3 clinical trials for CyCol as well as the scaling up of the manufacturing process for the drug.
Dr. David Goodman, CEO of Pharmascience, the parent company of Pendopharm, said, “We are very pleased to be working with Sigmoid to bring CyCol to Canada. CyCol is a strategic fit with our GI franchise and brings another innovative product to the Pendopharm portfolio with attractive therapeutic benefits for patients.” Dr. Goodman will join Sigmoid’s board of directors as a result of the transaction. The company’s latest approval took place in July when Health Canada approved its ribavirin treatment Ibavyr for chronic hepatitis C infection.
Dr. Ivan S. Coulter, CEO and Founder of Sigmoid, said that the company is pleased to be bringing CyCol to Canada thanks to Pendopharm’s established GI franchise in the country. “We believe CyCol has significant potential to treat unmet clinical needs in ulcerative colitis… We are confident that this license agreement [with Pendopharm] will be the first of a number of important strategic collaborations to be announced in relation not only to CyCol, but also to the broadly-applicable SmPill drug delivery technology.”
With the help of Pendopharm’s investment, Sigmoid has raised around €10 million this year and approximately €25 million since it started operations in 2003.