Rainbow BioSciences' biotech division Rainbow Coral (RBCC) has revealed that it is currently working on a potential joint venture agreement with a privately held drug delivery company to develop and market a sustained-release drug delivery platform.
The firm claims that the new delivery system can help in a better way to deliver biologic agents and small molecules in a safer, more effective and more convenient way.
The company said the delivery platform is being engineered to solve the problems posed by systemic drug delivery, including oral and IV delivery.
RBCC's current review of technology has the potential to enable selective, site-specific delivery, allowing for lower drug concentrations and greatly reducing the risk of drug toxicity.
RBCC CEO Patrick Brown said the company's new technology is built on a sustained-release delivery system, which helps the patients to take one injection in every six months.
"In addition to helping millions of patients struggling with chronic conditions, the technology also has the benefit of extending the patent life cycles of drugs, giving potential pharmaceutical partners a tremendous market advantage," Brown added.
"RBCC hopes to conclude its due diligence work on the drug delivery company and sign a joint venture agreement to begin getting the new technology into doctors' hands in the next few weeks."
