US-based Aquavit Pharmaceuticals has inked a definitive licensing agreement with U-Bio Med, a South Korea-based medical technology device firm, for the global commercialization of its microneedle device technology.
The agreement offers Aquavit an exclusive right to license, sub-license, improve and commercialize microneedle technology, which is patented, and all of its derivatives.
The financial terms of the deal, however, have not been divulged.
Aquavit's CEO Sobin Chang noted that the technology will accelerate its consorted development towards disruptive innovation in drug delivery.
As per the terms, Aquavit will own the intellectual property related to further development of its pipeline products. It has already commenced the registration process with the FDA and CE for specialized use.
U-Bio Med CEO Dr Nyun-Sik Eum said, "In addition to the patented delivery mechanism of the needles, we are using pure gold to ensure quality and safety."
Registered with the FDA, AQT-001 will be commercially available in US and globally soon. The technology is expected to cater to $11bn medical aesthetics market and the $30bn vitamin and mineral market.