Q BioMed Inc (OTCMKTS:QBIO) recently announced that it has successfully closed an exclusive licensing and option agreement, for Strontium Chloride, a generic drug approved by the FDA. The company noted that the drug was used for the treatment of pain associated with metastatic bone cancer. In addition to this, it can also be used for the treatment of bone pain, caused due to metastatic lung, breast and prostate cancer.
QBIO announced that it plans to focus its efforts and resources on manufacturing the drug, as well as developing a marketing plan and distribution strategy, for the drug. The company also claimed that they expect to generate sales revenue from the drug, during the first year. BioMed also claimed that the drug would be priced at a lower cost than its competitors.
The press release from QBIO pointed out that almost 80% of patients, who used SR89, reported a substantial decrease in pain and the need for drugs like morphine. The document also highlighted that there was room for additional investment into the program and grow revenues exponentially. The CEO of Q BioMed, Denis Corin, expressed his excitement at the agreement and announced that the management would work towards bringing the drug to the market, as soon as possible. He claimed that the revenue obtained from this program would help reduce the risk associated with the company’s business.
In an earlier update, Q BioMed had stated that the summer had been a slow season for the company and a number of other healthcare businesses were looking to provide more affordable drugs to patients. In addition to this, QBIO was also making progress with its partner, Mannin Research, for the development of a treatment of glaucoma. Currently, the two are working on a topical route of administration for the drug.
Q BioMed Inc (OTCMKTS:QBIO) moved up by 8.21%, in terms of share value, during the September 20 trading session, to reach a close at $5.14 per share. The stock had a trade volume of 389,946.