PharmaTher Inc (CSE: PHRM) has entered into an exclusive worldwide license agreement for the development and commercialization of a patented formulation of FDA-approved ketamine and betaine. The product is being viewed as a potential next-generation treatment for neurological and pain disorders as well as mental health.
The arrangement was entered into with the National Health Research Institutes, or NHRI, with the product itself being referred to as KETABET. The formulation reportedly has shown within clinical research to enhance the antidepressant effect, while reducing the negative side effects of ketamine such as hallucinations, memory loss, confusion and abuse liability.
The formulation is delivered to the body via a microneedle patch that enables the distribution of medicine remotely and safely, without the need of being under the supervision of healthcare providers.
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Under the arrangement, PharmaTher will look to seek FDA approval for a phase II clinical study. The program will look to target major depressive disorder and those of whom are resistant to available treatments. The company has been granted exclusive worldwide rights to the use of the patent application entitled “Method and composition for decreasing the psychotomimetic side effect and addictive disorder of ketamine.”
Monetary terms of the arrangement were not disclosed, with the company indicating a one-time fee was paid, while future payments are to be based on clinical trial and revenue milestones.
PharmaTher last traded at $0.45 on the CSE.
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