cancer Pharmaceutical Business News

Q BioMed Closes on Licensing Agreement for FDA Approved Drug – vows no price hike

Q BioMed Inc., a New York-based biotechnology acceleration company recently acquired a FDA approved generic drug, Strontium Chloride (“SR89”). This licensed radiopharmaceutical agent is indicated for the treatment of pain associated with metastatic bone cancer. SR89 provides long lasting relief for patients suffering from bone pain due to metastatic cancer, typically caused by advanced-stage breast, prostate or lung cancer.

The drug is preferentially absorbed in bone metastases, it has been proven to provide a long-term effect resulting in non-narcotic cancer pain relief and enhanced quality of life.

The Company’s immediate efforts and resources will focus on the material procurement and manufacturing process as well as preparing the marketing plan and distribution strategy. The drug is expected to be revenue ready within a short time frame and Q BioMed’s aim is to generate sales within the first year.

According to the Company in a recent press release, “We will make every effort to make this drug as widely available as possible and ensure that the drug will be priced competitively at a cost to patients that is lower than what they are currently paying. In the current environment of skyrocketing drug and medical costs, we believe this is a welcome deviation from the recent headlines. Further, we believe there is an opportunity to invest additional resources into the program to grow the revenue potential significantly. We look forward to making additional details available as soon as practical.”

There are approximately 300,000 new cases of bone metastases in patients with breast and lung cancer per year in the U.S. alone. Approximately 80% of patients using SR89 have reported experiencing a substantial decrease in pain, an increase in physical activity and a reduction in the need for opiate analgesics, such as morphine.

Denis Corin, CEO of Q BioMed Inc. said, “We are very excited about the potential for this drug and look forward to bringing it to market as quickly as possible, delivering significant value to all stakeholders, including current and future patients. The revenue we hope to realize will be a significant milestone for us and substantially derisks our business. However, over and above the near term revenue, we are particularly enthusiastic about the opportunities for growth to increase the potential revenue exponentially. “