Q BioMed Inc, a NYC-based biomedical acceleration and development company has begun process validation for the manufacturing of a non-narcotic analgesic treatment for pain associated with metastatic bone cancer. The drug, a generic Strontium Chloride 89 injection, provides long-lasting relief for patients suffering from debilitating bone pain due to metastatic cancer, typically caused by advanced-stage breast, prostate or lung cancer. It has been proven to provide a long-term effect — resulting in cancer pain relief and enhanced quality of life.
There are approximately 350,000 cases of patients living with bone metastases in the U.S. alone. In addition, 380,000 new diagnoses of patients with breast, prostate and lung cancer occur every year and approximately 1 in 3 of those will develop bone metastases.
The delivery of an affordable, non-narcotic pain therapy is a much needed and underutilized option for this patient population and coincides well with the recently passed 21st Century Cures Act combating opiate overuse and abuse. The Act, provides $1 billion in funding over the next two years for opioid addiction prevention and treatment programs to develop, promote and use non-narcotic alternative therapies.
The commercialization of the drug allows Q BioMed to deliver an effective and much needed alternative to hundreds of thousands of suffering patients. The company said in a statement that they are very pleased to offer this U.S. Food and Drug Administration approved therapy to patients in the very near term and are currently negotiating with US-based contract manufacturing organization (CMO) agreements and expect to have those completed along with the commercial launch in Q2 2017.
The company recently closed on its 2nd tranche of the $4,000,000 funding announced on November 30th 2016. The company received $1,000,000 on the 2nd closing bringing the total received to date to $2.5MM and expect to receive the remaining $1.5MM upon effectiveness of their recently filed registration statement on Form S-1.
Q BioMed is focused on licensing and acquiring biomedical assets across the healthcare spectrum. The company provides these target assets the strategic resources, developmental support, and expansion capital they need to ensure they meet their developmental potential, enabling them to provide products to patients in need.