Innocoll and DURECT Announce U.S. launch of POSIMIR®
Tuesday, September 27, 2022
Innocoll Pharmaceuticals Limited, a biotechnology company and a portfolio business of Gurnet Point Capital, along with DURECT Corporation (Nasdaq: DRRX), has announced the recent commercial launch of POSIMIR® (bupivacaine solution) in the United States. POSIMIR is an FDA-approved sustained-release local analgesic designed for the treatment of post-surgical pain in adults following arthroscopic subacromial decompression surgery.
Louis Pascarella, Chief Executive Officer of Innocoll, expressed excitement about the launch of POSIMIR and its potential as a cornerstone of multi-modal post-operative pain management. This launch establishes Innocoll as a leader in non-opioid pain management, with two commercially available bupivacaine-based sustained-release non-opioid products. The company looks forward to providing this new option to patients.
James E. Brown, President and Chief Executive Officer of DURECT Corporation, expressed satisfaction with Innocoll's launch of POSIMIR in the United States and the recording of its first sales. He stated that introducing POSIMIR as a new non-opioid analgesic option is a positive step in the evolution of pain management for patients.
According to the collaboration agreement between Innocoll and DURECT, Innocoll will make a $2 million payment to DURECT triggered by the first commercial sale of POSIMIR. In August 2022, DURECT received a new patent from the US Patent Office, extending US patent coverage of POSIMIR until at least 2041. As a result, Innocoll made an $8 million milestone payment to DURECT. These payments are in addition to the $4 million upfront license fee received in January 2022. DURECT will receive tiered low double-digit to mid-teen royalties on net product sales in the United States, along with additional milestone payments totaling up to $122 million, depending on the achievement of specific commercial, regulatory, and intellectual property milestones related to POSIMIR.
Innocoll has obtained the exclusive right to develop and commercialize POSIMIR in the United States, including the opportunity to conduct additional development activities to expand the approved indications for POSIMIR. DURECT's contract manufacturing supply agreement for POSIMIR has been assigned to Innocoll. However, DURECT retains all commercial rights to POSIMIR in the rest of the world.
