Cessatech and Proveca announce world-wide excluding US commercial partnership for CT001
- Cessatech and Proveca enter an exclusive agreement for the commercialization of CT001 world-wide excluding US.
- Proveca has been granted a non-exclusive option to license Cessatech's CT002 program.
- Proveca is a global pharmaceutical company specialising in the development and licensing of medicines to address the unmet medical needs in children. Proveca is based in Manchester, England.
COPENHAGEN, Denmark, Aug. 26, 2024 /PRNewswire/ -- On 26 August – Cessatech A/S ("Cessatech" or "the Company") announces that the Company has entered into an exclusive commercialization agreement with Proveca Ltd - a global pharmaceutical company which specialises in the development and licensing of medicines to address the unmet medical needs in children - for the commercialization of CT001 world-wide with an emphasis on Europe and major markets elsewhere. Under the agreement Proveca will be the marketing authorization holder.
This agreement leverages the Proveca team's expertise in specialised medicines for children and their strong experience with PUMA licensing (Paediatric Use Marketing Authorisation) in Europe, which today includes four PUMA approvals. The detailed terms of the agreement is not disclosed but includes an upfront payment upon signature and double-digit royalties to Cessatech on the basis of net sales in the licensed territory.
There is a large unmet need for acute pain management in children. Despite the many pain-relieving products available for adults, few of these have been developed for children. A study on unlicensed drug prescription revealed that as much as 70 percent of all medications for children currently prescribed in hospital settings are administered off-label, meaning that the use deviates from the approved and intended dose, is not clinically validated, documented, or approved for children. In Europe alone, it is estimated that more than 20 million children are exposed each year to acute and procedural pain without access to adequate approved medicine.
Jes Trygved, CEO Cessatech
"We are extremely pleased with this agreement, and the partnership with Proveca – a company that in many ways share the same vision, 'caring about the medication for children'. From the first meetings we had with Proveca, we knew this was an interesting opportunity and someone who spoke the same language. Financially, this agreement is a very strong asset, and it gives us opportunities to expand our pipeline further and provide more solutions for children – an area that is still not prioritized enough. We are truly excited about the partnership."
Simon Bryson, CEO Proveca
"This partnership between Proveca and Cessatech is founded on our shared ambition to improve the lives of children globally with innovative medicines to address their unmet medical needs. We're excited to embark on our first collaboration with Cessatech as we take CT001 through the next phase of its journey, building on the extensive R&D programme, to register and commercialise the product globally. With projected potential peak sales in the high double digit million euros, this is a significant milestone deal for both companies, and we look forward to extending the partnership further with other opportunities, including CT002 for medical procedural sedation in children."
For more information about Cessatech, please contact:
Jes Trygved, CEO
Phone: +45 9387 2309
E-mail: [email protected]
www.cessatech.com
For more information about Proveca, please contract:
Dr Simon Bryson, CEO
Phone: +44 161 468 2627
Email: [email protected]
www.proveca.com
About Cessatech
Cessatech A/S is a Danish pharmaceutical company committed to developing and commercializing evidence-based and innovative medicines for children for the treatment of paediatric acute pain. Its lead asset (CT001) is an analgesic nasal spray for the treatment of acute and planned painful procedures in children. The advantages include needle-free administration, easy administration, a fast-acting therapeutic effect, and being medically approved for children. CT001 is at its pivotal stage of clinical development, and CT002 is at the early development phase.
About Proveca
Proveca Ltd is a UK-founded, global, commercial stage pharmaceutical company, with technical and commercial operations across Europe, and a global commercialisation platform. The company specialises in the development, licensing and commercialisation of evidence-based medicines to address the unmet medical needs of children, with a current paediatric product portfolio within the neurology, cardiovascular, gastroenterology and immunology therapeutic areas.
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