SAN FRANCISCO, Sept. 17, 2019 /PRNewswire/ -- BioQ Pharma Incorporated, a specialty pharmaceutical company, today announced that it has entered into a Development, Supply, Distribution Agreement with Avanos Medical, Inc. (NYSE: AVNS, "Avanos"). Under the agreement, the parties will work together to obtain appropriate regulatory approvals and commercialize self-contained, infusible, non-opioid post-operative pain pharmaceutical product in the United States, Canada and Mexico. Avanos, which established the iconic On-Q brand, brings deep commercial expertise to enable the wide-scale launch of BioQ's innovative infusible pharmaceutical products in the coming years. With an estimated 30 million applicable surgical procedures annually in the U.S. alone, the market opportunity for non-opioid, post-surgical pain therapies in North America is significant.
Using BioQ's patented invenious™ technology, the disposable, electro-mechanical ready-to-use, single use infusion pharmaceutical products, are pre-filled at the point of manufacture with a local anesthetic. The products are a self-contained non-opioid pain medication and administration system for delivery post-surgery. The system provides the ability to titrate dosage as well as bolus capabilities and, importantly, provides patients with ambulatory capabilities.
Josh Kriesel, President and CEO of BioQ Pharma, noted, "Avanos has a preeminent market position in the post-operative pain management sector in North America and, as such, is the ideal strategic partner for the commercialization of BioQ's post-operative pain products in the region. This collaboration provides significant additional North American validation for BioQ and positions the Company for further growth as it progresses the development of its diversified, worldwide pipeline of ready-to-use infusible pharmaceuticals."
Joe Woody, CEO of Avanos Medical, commented, "We are excited to partner with BioQ Pharma to bring their innovative ready-to-use technology to our widely recognized On-Q franchise. This is an excellent example of our commitment to open innovation, and we believe that together BioQ and Avanos are in a strong position to simplify our customers' supply chain and address ongoing pharmacist concerns."
PricewaterhouseCoopers Corporate Finance LLC acted as sole financial advisor to the BioQ in this transaction.
About BioQ Pharma
BioQ Pharma Incorporated is a privately held specialty pharmaceutical company focused on developing and commercializing ready-to-use infusible pharmaceuticals. The Company's infusion platform is intended to address some of the most pressing unmet needs in drug infusion today: cost, medication error, sterility, efficiency, and patient quality of life. BioQ Pharma's vision is to set a new standard of care in the presentation and administration of infusible pharmaceuticals via the Company's proprietary unit-dose infusion systems that can be deployed quickly and conveniently at the point of care with one touch. The Company is ISO13485 certified. BioQ Pharma's commercial collaborators and strategic partners include Novartis' Sandoz unit, Stada, Cipla, Lee's Pharm, Lunatus, Lenis, POA Pharma, Sophos Biotech, Cooper Pharma, Pharma Mart, Taiba Pharmacy, West Pharmaceutical Services and Avanos Medical. For more information visit https://www.BioQpharma.com.
About Avanos Medical, Inc.
Avanos Medical (NYSE: AVNS) is a medical device company focused on delivering clinically superior breakthrough solutions that will help patients get back to the things that matter. Headquartered in Alpharetta, Georgia, Avanos is committed to creating the next generation of innovative healthcare solutions which will address our most important healthcare needs, such as reducing the use of opioids while helping patients move from surgery to recovery. Avanos develops, manufactures and markets its recognized brands in more than 90 countries. For more information, visit https://www.avanos.com.
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