Mar 7, 2023 in Drug Delivery, Press Releases
BIONXT SOLUTIONS ACQUIRES NOVEL PRECISION DRUG COATING AND DELIVERY TECHNOLOGY
VANCOUVER, BC – March 07, 2023 ‐ BioNxt Solutions Inc. (“BioNxt” or the “Company”) (CSE: BNXT / OTC: BNXTF / FSE: BXT) is pleased to report that it has signed a definitive technology transfer and patent assignment agreement (the “Agreement”) to acquire certain technology and intellectual property assets and rights related to a novel solid oral drug dosage form coating and delivery technology (the “Technology”).
“With established transdermal and oral dissolvable drug delivery platforms already in the BioNxt portfolio, we see this acquisition of a novel oral drug coating technology as a significant step in expanding and solidifying our drug delivery expertise,” said Hugh Rogers, CEO & Director of BioNxt. “This coating system could significantly improve oral tablet and oral capsule drug delivery with more precise drug release and predictable dosing. The potential applications for this innovative platform technology are extensive and we look forward to exploring product development opportunities ranging from nutritional supplements and over the counter medications to prescription medications and psychedelic compounds.”
Further to the Company’s press release dated December 12, 2022, consideration for the transfer and assignments set out in the Agreement include a net sales royalty (the “Royalty”) of six (6) percent which may be reduced to three (3) percent at any time at BioNxt’s option upon written notice to the seller and payment to the seller of a lump sum amount equal to two million five hundred thousand United States dollars (USD$2,500,000). The Royalty shall accrue in each country of sales until expiration of the first patent in such country. BioNxt will reimburse the seller for all documented costs incurred in filing and prosecuting related patents (plus 25%).
BioNxt is in the early planning stages for a comparative human bioavailability pilot study to assess potential applications for the technology. The Company plans to carry out the study in North America and will provide an update in due course.
The global oral solid dosage pharmaceutical market was valued at US$ 524.6 billion in 2021 and is expected to top US$ 1.03 trillion in value by the end of 2032, expanding rapidly at a CAGR of 6.4% over the 2022‐2032 study period according to Fact.MR research and consulting. Revenue from the sales of oral solid dosage pharmaceuticals accounted for 23.8% share of the global pharmaceutical drug delivery market in 2021.