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Intec Pharma Provides Update on Novartis Feasibility and Option Agreement
Intec Pharma Ltd. (NASDAQ: NTEC) (“Intec” or “the Company”) today announces the termination of the Feasibility and Option agreement with Novartis for the development of a custom-designed Accordion Pill® (AP) for a proprietary Novartis compound, despite the AP having met the technical and pharmacokinetic (PK) clinical specifications set forth by Novartis. Novartis, following an internal and revised commercial strategic assessment, advised Intec that this program no longer meets Novartis’ mid to long-term strategic goals. Novartis agreed to pay Intec Pharma $1.5 million USD on conclusion of the program.
This project was originally announced in January 2018. Under the terms of the agreement, the drug and therapeutic area were not disclosed.
“While we are disappointed that Novartis is not moving forward with this AP, the technical and clinical work conducted as part of this program has added to our growing body of scientific knowledge relating to the Accordion Pill platform and has expanded our tool chest of drug-on-film technology,” stated Jeffrey A. Meckler, Vice Chairman and Chief Executive Officer of Intec Pharma. “We have enjoyed working with the Novartis team and, given their enhanced understanding of the advantages of our gastric retentive AP oral drug delivery technology, we are now looking to identify additional compounds in the Novartis portfolio that can benefit from the unique characteristics the AP platform.”
As previously announced, the Company is in the process of restructuring the clinical manufacturing planned to support this program in order to reduce costs.
SOURCE Intec Pharma Ltd.Latest News