Adamis Pharmaceuticals has signed an agreement to completely acquire 3M Company's MMM -0.36% Taper Dry Powder Inhaler (DPI) technology.
Additionally, the company has entered into an agreement to exclusively license the platform technology in all indications in the dry powder inhalation field.
Currently under development, the DPI technology will be used for the treatment of asthma and chronic obstructive pulmonary disease (COPD).
Integrating patient-friendly design and active aerosolization, 3M Taper Dry Powder Inhaler provides effective delivery of drug in a multi-dose DPI.
Adamis president and CEO Dr Dennis Carlo said, "This technology strengthens the Company's respiratory product pipeline and has the potential to provide solid growth for Adamis for years to come and I believe the acquisition of this pivotal technology could be a transforming event for our company."
An initial payment to exclusively license the Taper technology through December 31, 2013 has been made by Adamis and upon payment of an additional amount before December 31, 2013, will fully acquire the Taper technology.
Under a separate supply agreement, 3M will supply the drug delivery tape for the platform to Adamis.
