Wednesday, September 18, 2019
BioQ Pharma Incorporated, a specialty pharmaceutical company, today announced that it has entered into a Development, Supply, Distribution Agreement with Avanos Medical, Inc.. Under the agreement, the parties will work together to obtain appropriate regulatory approvals and commercialize self-contained, infusible, non-opioid post-operative pain pharmaceutical product in the United States, Canada and Mexico. Avanos, which established the iconic On-Q brand, brings deep commercial expertise to enable the wide-scale launch of BioQ's innovative infusible pharmaceutical products in the coming years. With an estimated 30 million applicable surgical procedures annually in the U.S. alone, the market opportunity for non-opioid, post-surgical pain therapies in North America is significant.
Using BioQ's patented invenious™ technology, the disposable, electro-mechanical ready-to-use, single use infusion pharmaceutical products, are pre-filled at the point of manufacture with a local anesthetic. The products are a self-contained non-opioid pain medication and administration system for delivery post-surgery. The system provides the ability to titrate dosage as well as bolus capabilities and, importantly, provides patients with ambulatory capabilities.
Josh Kriesel, President and CEO of BioQ Pharma, noted, "Avanos has a preeminent market position in the post-operative pain management sector in North America and, as such, is the ideal strategic partner for the commercialization of BioQ's post-operative pain products in the region. This collaboration provides significant additional North American validation for BioQ and positions the Company for further growth as it progresses the development of its diversified, worldwide pipeline of ready-to-use infusible pharmaceuticals."
Joe Woody, CEO of Avanos Medical, commented, "We are excited to partner with BioQ Pharma to bring their innovative ready-to-use technology to our widely recognized On-Q franchise. This is an excellent example of our commitment to open innovation, and we believe that together BioQ and Avanos are in a strong position to simplify our customers' supply chain and address ongoing pharmacist concerns."
PricewaterhouseCoopers Corporate Finance LLC acted as sole financial advisor to the BioQ in this transaction.
