(Alliance News) - Consort Medical PLC on Friday said it has signed a contract with Regeneron Pharmaceuticals Inc, a biopharmaceutical company, to develop VapourSoft.
VapourSoft facilitates delivery of a broad range of drug formulations through the use of a liquid gas propellant.
The inhalation devices manufacturer said its proprietary VapourSoft technology will be incorporated into a novel drug delivery device designed by Regeneron.
If Regeneron elects to commercialise the developed device, Consort Medical said the parties will enter into a full commercial supply agreement with manufacturing to be undertaken by Consort for both the VapourSoft technology and the drug delivery device.
"We are delighted to be working with such a leading biotechnology innovator as Regeneron to develop novel devices for injectable drug delivery," said Consort Medical Chief Executive Jonathan Glenn.
"The agreement recognises the wide applicability of the VapourSoft technology as a power source for auto-injectors and the potential for incorporation into devices where conventional spring-based systems may not be suitable," added Glenn.
Consort Medical shares were trading 4.0% higher on Friday in London at 780.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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